Pfizer spurts on internal corporate restructuring plan

Pfizer spurted 9.82% to Rs 1,142.90 at 14:38 IST on BSE after the company announced an internal corporate restructuring plan.

The company made the announcement during trading hours today, 24 February 2014.

Meanwhile, the BSE Sensex was up 82.95 points, or 0.40%, to 20,783.70.

On BSE, so far 1.06 lakh shares were traded in the counter, compared with an average volume of 16,528 shares in the past one quarter.

The stock hit a high of Rs 1,230 and a low of Rs 1,021.60 so far during the day. The stock hit a 52-week high of Rs 1,779 on 2 December 2013. The stock hit a 52-week low of Rs 985 on 29 July 2013.

The stock had underperformed the market over the past one month till 21 February 2014, sliding 3.29% compared with the Sensex's 2.59% fall. The scrip had also underperformed the market in past one quarter, falling 27.31% as against Sensex's 2.33% rise.

The small-cap company has an equity capital of Rs 29.84 crore. Face value per share is Rs 10.

Under the plan, Pfizer East India B.V. Netherlands proposes to acquire 60.94% stake, which is collectively held by Pfizer Corporation (31.42% stake) and Pfizer Investments Netherlands B V (29.52% stake), Pfizer said in a BSE filing.

Both, the acquirer and the sellers are held and controlled by Pfizer Inc., USA.

Pfizer Investments Netherlands B V would sell 88.10 lakh shares at Rs 1,537 per share, while Pfizer Corporation will sell 93.76 lakh shares as a gift, for no consideration, it added.

The pharmaceutical firm said that the acquisition price would not be higher by more than 25% of the weighted average market price of Rs 1,340.72 per share. The acquisition date for proposed transaction will be on or before 28 February 2014.

Net profit of Pfizer declined 25.49% to Rs 47.60 crore on 7.80% rise in net sales to Rs 247.70 crore in Q3 December 2013 over Q3 December 2012.

Pfizer's pharmaceuticals product portfolio spans a wide range of therapeutic classes from vitamins supplements and nutritional to antibiotics and cardiovascular.

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