GMM Pfaudler rose 8% to hit an intraday high at Rs.4550 on the back of almost 2.5 times surge in volumes. Its 52-week high is at Rs.6913.85.
The company announced that it participated in the e-auction process for sale of Assets (factory land, building, plant and machinery, office equipment, computers, furniture and fixtures, vehicles and capital work in progress) owned by HDO Technologies. was declared as the successful bidder by the Liquidator.
A consideration of Rs.58.50 crore is being paid for the proposed assets and the tentative date for the completion of the transaction is April 30, 2021.
This facility, spread over 11.9 acres with 7 manufacturing bays (built up area of 23,617 square meters) is located in Vatva, Ahmedabad.
This acquisition is expected to enhance its capacity and augment capabilities in Heavy Engineering while freeing up capacity at its Karamsad facility, where it plans to expand its Glass Lined business.