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National Oilwell Varco Inc., along with Pfaudler Inc., has come out with an open offer to the equity shareholders of GMM Pfaudler Ltd for the acquisition of 38 lakh shares.
The offer price for the Rs 2-face valued stock is Rs 83.88 a share.
The stock is trading at Rs 95.8, down 2 per cent on the BSE.
The acquirer will also pay an interest of 10 per cent per annum for the period between August 8, 2012 and the date of the detailed public statement in terms of Regulation 8(12) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (“Takeover Regulations’’).
The acquirer is in the process of appointing a merchant banker to make the offer and comply with the provisions of the Takeover Regulations in respect of the offer.
The open offer was following National Oilwell’s acquisition of Robbins and Myers, which is the promoter of GMM Pfaudler.
GMM Pfaudler Ltd is a leading supplier of engineered equipment and systems for critical applications in the global chemical and pharmaceutical markets.
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