Shares of GMM Pfaudler Limited jumped over 3 percent to Rs 1,820 in early trade on September 15 after its wholly-owned subsidiary, GMM Pfaudler US, entered into an agreement to acquire 100 percent share capital of Canada-based MixPro.

“A total consideration of USD 7 million will be paid to acquire MixPro and the transaction will be funded through internal accruals and is expected to close by October 2023”, the company said in an exchange filing on September 14.

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Speaking on the acquisition, the management has said that the acquisition is in line with GMM’s strategy of building a mixing technologies business.  “With the acquisitions of MixPro and Mixel now complete, we have created a global mixing technology platform that can cater to a wide range of industry segments.”

In August, Pfaudler Inc divested 13.56 percent of its equity in GMM Pfaudler through well-orchestrated block deals. This strategic shift was disclosed in an official filing with the exchange. The transaction saw Pfaudler Inc. efficiently offloading 60.94 lakh shares via a series of block deals.

Among the buyers in the deal included Geranium Investments Ltd., Atreides Investments B.V. and Infinity Partners, which are funds controlled by Chrys Capital.

Also read: GMM Pfaudler: All set to shatter its glass ceiling and create a new one

GMM Pfaudler manufactures corrosion-resistant technologies, systems, and services worldwide providing its customers in the chemical and pharmaceutical industries.

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