Business Standard

GMM Pfaudler says ready to respond to charges on unusual trades during OFS

The stock continues to fall, and is down over 36 per cent since September 15

GMM Pfaudler

GMM Pfaudler | Photo: official website

Sachin P Mampatta Mumbai
Glass-lined equipment manufacturer GMM Pfaudler fell five per cent on Friday to close at Rs 3,803.6. Friday's fall widens the stock's loss to 36.3 per cent from its recent September 15 high of Rs 5,974.

The companies’ share price began the decline after the company announced that promoter group entities will be selling 17.6 per cent stake as part of a group restructuring plan. The announcement came on Monday at a sharply lower floor price of Rs 3,500 per share. A subsequent announcement on Tuesday mentioned that an oversubscription option was used to sell 20.5 per cent stake.

On Friday,

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First Published: Sep 25 2020 | 8:29 PM IST

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