India's GMM Pfaudler hits lower circuit on promoters' discounted placement plans

Gmm Pfaudler

22/09/2020 05:22

** Shares of alloy steel, glass-lined equipment manufacturer
 GMMP.NS  slide 10% to 4,682.7 rupees, hitting lower circuit 
    ** On Monday, co said promoters to sell up to about 2.6
million shares, representing about 17.6% of total issued and
paid-up equity share capital  urn:newsml:reuters.com:*:nFWN2GI0G0
    ** Floor price set at 3,500 rupees per share, representing a
32.7% discount to Monday's closing price of 5,203 rupees
    ** Promoters can sell another 1.5 mln shares of company
under oversubscription option
    ** Stock hits their lowest level since Aug. 7, marks biggest
intraday pct loss since June 19
    ** Shares have risen 178% this year as of last close


 (Reporting by Philip George in Bengaluru)
 ((P.George@thomsonreuters.com; +91 8061822657; Reuters
Messaging: p.george@thomsonreuters.net))