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| Pfizer ups stake in Indian arm to 71% |
| BS Reporter / Mumbai Jul 22, 2009, 01:19 IST |
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Pfizer, the largest drug maker in the world, has bought back a 29.52 per cent stake in its Indian arm, Pfizer India, increasing its stake to 70.75 per cent in an open offer, the company informed the stock exchanges.
Pfizer was looking to increase its stake in Pfizer India from 41 per cent to 75 per cent, and had revised its open offer price from Rs 675 to Rs 830. The offer, earlier scheduled to close on June 29, was closed on July 4.
 The company said the public shareholding in Pfizer India has now come down to 25 per cent from the previous 58.77 per cent.
Pfizer Investments Netherlands, a subsidiary of Pfizer, was planning to acquire 33.77 per cent shares in the company with an investment of over Rs 731 crore. The revised offer was made at a premium of 33.5 per cent to the closing share price on April 9 on the National Stock Exchange.
Novartis, the Switzerland based multinational drug major, which recently launched an open offer to increase its stake from 50.9 per cent to 90 per cent in its Indian subsidiary, Novartis India, also could not achieve the target. The offer could help the company only to increase its shareholding to 76.4 per cent, despite a revised offer.
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