DBAG Fund VI sells 13.6% in GMM Pfaudler Ltd with 9.9% stake bought by ChrysCapital
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Highlights
* Pfaudler Inc. (ultimately held by DBAG Fund VI, a private equity fund advised by Deutsche Beteiligungs AG ‘DBAG’) has sold 13.6% equity stake in GMM Pfaudler Ltd (‘Company’) through bulk deals.
* 9.9% equity stake of the Company has been purchased by funds affiliated with ChrysCapital, a leading India-focussed investment firm with US$5.0 Bn in AUM.
* 3.7% equity stake of the Company has been purchased by other investors.
* DBAG’s nominee directors, Mr. Malte Woweries and Mr. Harsh Gupta, have tendered their resignation as of August 18, 2023.
* The Patel family continues to remain the largest shareholder of the Company and reiterates its commitment to purchase the remaining 1% equity stake from DBAG Fund VI at ?1,700 per share as agreed in December 2022, subject to regulatory approvals
Management Comment
Mr. Tarak Patel, Managing Director of GMM Pfaudler Ltd said, “I want to express my gratitude to DBAG for their support and guidance over the years. The end of one journey also marks the beginning of another exciting journey for GMM Pfaudler. The investment by a marquee investor like ChrysCapital represents a powerful endorsement of GMM Pfaudler’s track record and our commitment to building a world class institution.
” Mr. Tom Alzin, Spokesman of the board of management of DBAG said, “Our 8-year long association with GMM Pfaudler has been defined by shared values, strategic alignment and an unwavering commitment to growth. We are immensely proud of what we have achieved together. We wish GMM Pfaudler all the best for the future.”
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