A block deal involving shares worth Rs 557.3 crore of GMM Pfaudler took place on the exchanges on August 28. Around 41.2 lakh shares, representing a 9.2 percent stake in the company changed hands at a floor price of Rs 1,352 apiece, implying a marginal discount to the previous closing price.
Moneycontrol could not immediately ascertain the buyers and sellers in the transaction.
Shares of the company soared after block deal. At 09.17 am, shares of GMM Pfaudler were trading over 8 percent higher at Rs 1,466.50 on the NSE. The block deal also tipped off a spike in trading volumes in the counter as 14 lakh shares changed hands so far, significantly higher than the one-month daily traded average of 1 lakh shares.
The stock is also a part of Indian National Congress leader Rahul Gandhi, who owns shares of the engineering equipment manufacturer worth Rs 14 lakh as of March end.
That aside, the company had delivered weak numbers for the April-June quarter of FY25, with net profit declining by more than half on year and revenue falling close to 14 percent.
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