Saurabh Mukherjee’s chemical bets: Shares of GMM Pfaudler have attracted heavy buying in early morning deals, following the completion of the acquisition of Hydro Air Research Italia Srl on Wednesday. GMM Pfaudler share price today opened higher and reached intraday high 1,645 each in the early morning session, registering a rise of more than 2 per cent since Thursday’s close 1,604.85 per share on NSE.
Notifying Indian Exchanges Share Market Regarding the international acquisition, Saurabh Mukherjee’s Little Champs Portfolio Stock said, “We would like to inform you that Fowler SRL, Italy has completed the acquisition of Hydro Air Research Italia SRL on August 3, 2022.” The proposed acquisition is subject to the approval of the Secretary of State for Business, Energy and Industrial Strategy, United Kingdom, and the company’s public shareholders.
On Thursday, GMM Pfaudler Ltd (‘GMMP’) made an announcement that it would increase its stake in GMM International S.à.rl (‘GMMI’) to 100 per cent by acquiring the remaining 46 per cent stake i.e. 26 per cent. The percentage held by Millers Concrete Technologies Pvt Ltd. Ltd. (Patel family) and 20 percent is held by Pfaudler International S.à.rl (which is controlled by a fund managed by Deutsche Beteligungs AG under DBAG Fund VI). With this transaction, GMMI will become a wholly owned subsidiary of GMMP.
Speaking about the acquisition, Managing Director, Tarak Patel said, “Our international business is now fully integrated and our expected efficiency levels are playing out in terms of growth and margins. Hence, it is a natural culmination of our core transaction by which we are fully consolidating shareholding to generate overall earnings and synergies.” He further added, “The Patel family through this transaction Reiterates its commitment to the business by increasing its stake.”
The shares of GMM Pfaudler are one of the three Little Champ stocks that have been selected by Saurabh Mukherjee, Founder and Chief Investment Officer, Marcellus Investment Managers. Saurabh Mukherjee believes the chemical stock could become a global leader in glass lined and ceramic reactors after the acquisition of Fowler.
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