GMM Pfaudler Ltd (GMMP) said that American manufacturing firm Pfaudler Inc. has sold a stake of 17.32% in the company for INR 1,323 crores ($160 million) through bulk deals.

Based in India, GMM Pfaudler is a publicly-listed provider of corrosion-resistant technologies, systems, and services.

Pfaudler, which is controlled by Germany-based Deutsche Beteiligungs (DBAG)’s DB AG Fund VI, sold a total of 7.78 million shares in GMM Pfaudler at a price of 1,700 per share. DBAG has been a financial investor in GMM Pfaudler since 2014.

After the sale, Patel family has become the single largest promoter stakeholder in GMM Pfaudler. The Patel family will buy 4,49,572 shares of a 1% stake in the company via an inter–se promoter transfer at INR 1,700 per share, the closing of which is subject to regulatory approvals.

GMM Pfaudler stated that because of the bulk deals, shareholding of foreign and domestic institutional investors in the company has gone up.

Tarak Patel — GMM Pfaudler Managing Director said: “The Patel family has now become the single largest promoter shareholder of the company after 34 years; with this milestone, life has come a full circle. We have reiterated our commitment to the business by increasing our stake and will continue to actively manage the company going forward.”

Earlier this month, GMM Pfaudler, through its fully-owned subsidiary Pfaudler GmbH, agreed to acquire Mixel France SAS, an industrial agitators manufacturer, and its 100% owned subsidiary Mixel Agitator Co. for €7 million.

  DB AG Fund VI, DBAG, GMM Pfaudler, India, Pfaudler Inc., Tarak Patel