India's GMM Pfaudler falls over 18% on report promoter selling majority stake

Gmm Pfaudler

16/12/2022 04:44

BENGALURU, Dec 16 (Reuters) - Shares of GMM Pfaudler
 GMMP.NS  fell as much as 18.1% on Friday, their worst intraday
percentage fall in nearly 5 years, after a report said that one
of its promoters will sell its majority stake in India's largest
glass-lined equipment maker.
    Pfaudler Inc, which holds a 31.9% stake in GMM Pfaudler,
will sell about 29.88% of its holding via block deals at a floor
price of 1,700 rupees. 
    This is at a discount of 11.7% to the stock's close of
1,924.70 rupees on Thursday, Mint newspaper reported.
    GMM Pfaudler did not respond to Reuters' queries on the
promoter's stake sale. 
 (Reporting by Nallur Sethuraman in Bengaluru; Editing by Janane
Venkatraman)
 ((Sethuraman.NR@thomsonreuters.com; (+91 8061822737); Reuters
Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))