Tuesday, April 14, 2009

Pfizer eyes more stake in Indian arm

Pfizer Investments Netherlands BV, a wholly-owned subsidiary of Pfizer, on Monday said it will make a tender offer to acquire an additional

33.77% stake in Pfizer India from public shareholders, at a price of Rs 675 per share.

On completion of this offer — representing a total value of up to Rs 680 crore (around $136 million) — Pfizer’s stake would go up to 75% from the current level of 41.23%; this level is, however, is below the Sebi-stipulated shareholding of 90%, which is mandatory for delisting.

Shares of Pfizer were trading up 10.17% at Rs 686.35 in intra-day on BSE on Monday.

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