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Shares of GMM Pufudler jumped 5% on Pufudler Group acquiring a majority stake in global business

GMM Pufudler jumped 5% | The company reported a higher consolidated profit of Rs 23.2 crore in Q3FY21 compared to Rs 21 crore in Q3FY20, with revenue increasing from Rs 156 crore to Rs 201.8 crore.

GMM Pufudler jumped 5% On February 17, the share price rose more than 5 percent after the company’s Pafudler Group acquired a majority stake in the global business.

GMM Pufudler jumped 5%

GMM Pufudler introduced that it had efficiently accomplished a transaction to accumulate a majority stake of its dad or mum from non-public fairness agency Deutsche Beteiligungs AG Fund VI, after receiving all necessary regulatory approvals, the company filed an exchange said.

The combined revenue of the unit is estimated to be around the US $ 267 million, it said
“GMM has become the final holding company of the Pfaudler Group, with Pufudler’s entire business being consolidated into GMM.

The stock was trading at Rs 3,937.85, up by Rs 199.35, or 3,30 per cent. It has touched an intraday high of Rs 3,965.00 and an intraday low of Rs 3,711.95.

“With the acquisition now complete, it will allow us to continue our exciting journey to make GMM Pufudler the global leader in corrosion resistant technologies, systems, and services,” said Arak Patel, GMM managing director.

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