GMM Pfaudler tanks 18% after JV partner sells bulk of its stake
Universities Superannuation Scheme, the trustee company of UK's largest private pension scheme by assets, Aditya Birla Sun Life MF, Plutus Wealth Management, and Indus Capital were among the buyers, deal data showed.
By ET Bureau | Updated:
ETMarkets.com
Shares of GMM Pfaudler plunged up to 18% after joint venture partner and promoter entity Pfaudler Inc sold a bulk of its stake on Friday worth '1,323.9 crore, exchange deals data showed.
The stock fell to a low of '1,575 during Friday's trading before closing at '1,643.65, down 14.87%, the biggest single-day fall in five years. On Thursday, the stock had closed at '1,930.70 apiece.
US-based Pfaudler sold 7.8 million shares in the Gujarat-based engineering equipment and systems supplier at a price ranging '1,700.1-1,702.87 apiece, exchange data showed. The sell price was at a 12% discount to the previous close.
Universities Superannuation Scheme, the trustee company of UK's largest private pension scheme by assets, Aditya Birla Sun Life MF, Plutus Wealth Management, and Indus Capital were among the buyers, deal data showed.
It was reported that Pfaudler were to sell as many as 13.4 million shares, or 29.88% stake, via bulk deals. It could not be ascertained if Pfaudler Inc, which owned 31.88% stake at the end of September 2022, sold additional shares via open market transactions.
The stock fell to a low of '1,575 during Friday's trading before closing at '1,643.65, down 14.87%, the biggest single-day fall in five years. On Thursday, the stock had closed at '1,930.70 apiece.
US-based Pfaudler sold 7.8 million shares in the Gujarat-based engineering equipment and systems supplier at a price ranging '1,700.1-1,702.87 apiece, exchange data showed. The sell price was at a 12% discount to the previous close.
Universities Superannuation Scheme, the trustee company of UK's largest private pension scheme by assets, Aditya Birla Sun Life MF, Plutus Wealth Management, and Indus Capital were among the buyers, deal data showed.
It was reported that Pfaudler were to sell as many as 13.4 million shares, or 29.88% stake, via bulk deals. It could not be ascertained if Pfaudler Inc, which owned 31.88% stake at the end of September 2022, sold additional shares via open market transactions.
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