Tasty Dairy Specialities Ltd, Satin Creditcare Network Ltd Partly Paidup, Prime Securities Ltd and Nahar Capital & Financial Services Ltd are among the other losers in the BSE's 'B' group today, 23 September 2020.

GMM Pfaudler Ltd tumbled 10.00% to Rs 4245.3 at 14:10 IST.The stock was the biggest loser in the BSE's 'B' group.On the BSE, 1023 shares were traded on the counter so far as against the average daily volumes of 5612 shares in the past one month.

Tasty Dairy Specialities Ltd crashed 9.75% to Rs 21.75. The stock was the second biggest loser in 'B' group.On the BSE, 35723 shares were traded on the counter so far as against the average daily volumes of 49226 shares in the past one month.

Satin Creditcare Network Ltd Partly Paidup lost 8.62% to Rs 19.6. The stock was the third biggest loser in 'B' group.On the BSE, 1087 shares were traded on the counter so far as against the average daily volumes of 30075 shares in the past one month.

Prime Securities Ltd plummeted 7.78% to Rs 43.25. The stock was the fourth biggest loser in 'B' group.On the BSE, 9204 shares were traded on the counter so far as against the average daily volumes of 40036 shares in the past one month.

Nahar Capital & Financial Services Ltd shed 7.26% to Rs 61.95. The stock was the fifth biggest loser in 'B' group.On the BSE, 7 shares were traded on the counter so far as against the average daily volumes of 1682 shares in the past one month.

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The company after market hours on Tuesday announced that it will be exercising the oversubscription option for the ongoing OFS issue to the extent of 4,28,571 equity shares (approximately 2.93%) of the company in addition to the base issue of 25,71,429 equity shares (approximately 17.59%).

Accordingly, the final share sale via OFS will be 30 lakh shares (about 20.52% of the paid up equity share capital of the company). The promoters held 1.09 crore shares or 75% stake in the company as on 30 June 2020. The floor price for the OFS was set at Rs 3500 a piece, at a 33.22% discount to GMM's closing price of Rs 5241.10 on Monday.

The OFS opened on Tuesday (22 September 2020) for non-retail investors, while both retail as well as non-retail investors will be able to subscribe on today (23 September 2020).

The non-retail segment on 22 September received total bids of 27,58,133 shares or 119.18% against the base non-retail offer size. Subsequently, the company opted for green shoe option.

As on 10:45 IST today, the OFS received subscription for 34,737 shares or 13.51% against the base retail offer size of 2.57 lakh shares.

Shares of GMM Pfaudler were locked in lower circuit of 10% at Rs 4245.30. The stock hit the lower circuit for the second consecutive day after OFS floor price was set at steep discount.

GMM Pfaudler is a supplier of process equipment to the pharmaceutical and chemical industries. The company has a diversified product portfolio which includes mixing systems, filtration & drying equipment, engineered systems and heavy engineering equipment.

The company reported 8.5% rise in consolidated net profit to Rs 19.19 crore on 2.8% increase in net sales to Rs 154.43 crore in Q1 June 2020 over Q1 June 2019. EBITDA margin fell to 17.8% as on 30 June 2020 from 18.4% as on 30 June 2019.

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Through the OFS, the company's promoters proposes to sell over 25.71 lakh equity shares, constituting approximately 17.59% paid-up share capital of the company. The company has an option to sell an additional 15.21 lakh equity shares or 10.41% stake via OFS (oversubscription option). In event the oversubscription option is exercised, the offer will collectively represent approximately 28% of the total paid up equity share capital.

The promoters held 1.09 crore shares or 75% stake in the company as on 30 June 2020.

The floor price for the OFS was set at Rs 3500 a piece, at a 33.22% discount to GMM's closing price of Rs 5241.10 on Monday.

The OFS opened on Tuesday (22 September 2020) for non-retail investors, while both retail as well as non-retail investors will be able to subscribe on Wednesday (23 September 2020). A total of 10% of the offer size, aggregating to over 2.57 lakh shares, has been reserved for retail investors.

As on 09:55 IST, the OFS received subscription for 1866 shares or 0.08% against the base non-retail offer size of 23.14 lakh shares.

GMM Pfaudler is a supplier of process equipment to the pharmaceutical and chemical industries. The company has a diversified product portfolio which includes mixing systems, filtration & drying equipment, engineered systems and heavy engineering equipment.

The company reported 8.5% rise in consolidated net profit to Rs 19.19 crore on 2.8% increase in net sales to Rs 154.43 crore in Q1 June 2020 over Q1 June 2019. EBITDA margin fell to 17.8% as on 30 June 2020 from 18.4% as on 30 June 2019.

In the past one year, the stock has surged 210.35% while the benchmark S&P BSE Sensex shed 0.97% during the same period.

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GMM Pfaudler announced the signing of definitive agreements to acquire a majority stake in the global business of its parent, the Pfaudler Group from the private equity firm Deutsche Beteiligungs AG Fund VI (DBAG).

As per the agreements, GMM (directly and through its subsidiary Mavag AG) and the Patel family will acquire, a 54% and 26% equity stake respectively in the Pfaudler Group. DBAG will continue to retain the balance 20% stake. The consideration for the 54% stake acquired by GMM, which is expected to be around $27.4 million, will be funded by the company through a mix of internal accruals and debt.

Pursuant to the acquisition, GMM shall become the ultimate holding company with the entire business of Pfaudler being consolidated into the company. The company will have a consolidated revenue of Rs 2000 crore and EBITDA of approximately Rs 250 crore. GMM will become the world leader in corrosion-resistance technologies, systems and services with 12 manufacturing facilities across 8 countries and 4 continents and employing around 1,500 people.

Tarak Patel, managing director, GMM said, Being an integral part of Pfaudler for more than 3 decades, not only do we understand the business very well but have also managed to build a collaborative relationship with the different Pfaudler units around the world. This transaction is unique from the stand point that it combines the strengths of three very different partners - promoter family, professional management and private Equity which we believe will help extract synergies and create vaiue for all stakeholders. On a personal level and as the third generation of a family business that began in 1963 it is a moment of great pride to see GMM enter the global stage.

Thomas Kehl, CEO, Pfaudler said, Over the last few years Pfaudler has spent significant capex in modernizing it's manufacturing facilities across the globe. This transaction will bring synergies across multiple levels, the combined business will now be in a position to leverage GMM's highly successful lean-production model and low cost to improve both revenue and profitability. In addition, our order book remains strong on the back of robust demand driven by the chemical and pharmaceutical industries. Together with the GMM management and DBAG, who we have worked closely with over the last 5 years we expect to complete a seamless integration and hit the ground running.

Subject to the satisfaction of certain closing conditions and regulatory approvals, the transaction is expected to close in November 2020.

GMM Pfaudler is a supplier of process equipment to the pharmaceutical and chemical industries. The company has a diversified product portfolio which includes mixing systems, filtration & drying equipment, engineered systems and heavy engineering equipment.

The company reported 8.5% rise in consolidated net profit to Rs 19.19 crore on 2.8% increase in net sales to Rs 154.43 crore in Q1 June 2020 over Q1 June 2019. EBITDA margin fell to 17.8% as on 30 June 2020 from 18.4% as on 30 June 2019.

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