Pfizer offers Rs.6.8 bn to raise stake in Indian armApril 13th, 2009 - 12:02 pm ICT by IANS
Mumbai, April 13 (IANS) Global pharmaceutical major Pfizer Monday said it will make an offer to acquire a further 33.77 percent in its Indian subsidiary Pfizer Ltd for Rs.6.8 billion. The acquisition will raise its stake to 75 percent.
The New York based pharmaceutical major is offering Rs.675 per share. The acquisition is to be done through a wholly-owned subsidiary, Pfizer Investments Netherlands B.V.
Upon acceptance of the offer, Pfizer would have increased its stake in its Indian arm to 75 percent from the current 41.23 percent.
Pfizer will make the offer at a premium of 8.3 percent to the April 9 closing price of Rs.623.00 on the Bombay Stock Exchange (BSE) - the last trading day before the announcement of the offer.
The price also represents a premium of 22.2 percent over the average share price of Pfizer Ltd on the BSE during the 30 days ending April 9.
Post this announcement, the Pfizer scrip opened higher on the BSE Monday and was trading at about 7.4 percent higher than its previous close at Rs.669. The 52-week high for the stock is Rs.698, which it touched April 16 last year.