Pfizer's open offer for 34% in Indian arm to begin on June 15

Pharma firm Pfizer India today said the open offer by its parent firm for acquiring an additional 34 per cent stake in it has been rescheduled and will now begin on June 15.

The open offer by its Netherlands-based parent for a 33.77 per cent stake in it would open on June 15 and close on July 4, Pfizer India said in a filing to the National Stock Exchange.

In April, the company had said that the open offer would begin on June 10 and close on July 29.

Under the open offer announced in April, Pfizer Investments Netherlands, an wholly-owned subsidiary of Pfizer Inc, would make a tender offer to acquire a further 33.77 per cent stake, consisting of 1,00,78,143 shares in Pfizer Ltd from public shareholders at a price of Rs 675 per share.

Pursuant to the said acquisition, Pfizer Inc, which holds 41.23 per cent stake in its Indian arm, will increase its holding to 75 per cent.

The open offer would be managed by HSBC Securities and Capital Markets (India) Private Ltd.

Shares of Pfizer closed at Rs 786.25, up 4.06 per cent on the NSE.