GMM Pfaudler slips 10% after fixing OFS floor price at discount

GMM Pfaudler promoters Pfaudler Inc, Millars Machinery, and Urmi Patel are selling 17.59 per cent of the company's total equity

Shares of GMM Pfaudler were locked in 10 per cent lower circuit at Rs 4,717 on the BSE on Tuesday after the company announced an offer for sale (OFS) by the promoters at a floor price of Rs 3,500 per share. The floor price is a 33 per cent discount to its Monday’s closing price of Rs 5,241 on the BSE.

GMM Pfaudler promoters Pfaudler Inc, Millars Machinery, and Urmi Patel are selling 2.57 million equity shares, or 17.59 per cent of the total equity of the company, with an option to additionally sell 1.52 million or 10.41 per