GMM Pfaudler has surged 6% to Rs 273 after its promoter Pfaudler have made an open offer for acquiring 25% stake in the company at Rs 245.85 per share.
The stock opened at Rs 270 and hit a record high of Rs 282 on BSE. The trading volumes on the counter more than doubled with around 54,000 shares changed hands till 1038 hours against an average 18,000 shares that were traded daily in past two weeks on BSE and NSE.
“Pfaudler US Inc along with Pfaudler Holding S.à r.l., has informed BSE about open offer for acquisition of up to 3.65 million fully paid-up equity shares of face value of Rs 2 each, representing 25% of the total share capital of GMM Pfaudler at a offer price of Rs 245.85 per share,” ICICI Securities, manager of the offer said on behalf of the promoters.
The stock opened at Rs 270 and hit a record high of Rs 282 on BSE. The trading volumes on the counter more than doubled with around 54,000 shares changed hands till 1038 hours against an average 18,000 shares that were traded daily in past two weeks on BSE and NSE.
“Pfaudler US Inc along with Pfaudler Holding S.à r.l., has informed BSE about open offer for acquisition of up to 3.65 million fully paid-up equity shares of face value of Rs 2 each, representing 25% of the total share capital of GMM Pfaudler at a offer price of Rs 245.85 per share,” ICICI Securities, manager of the offer said on behalf of the promoters.
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