Institutions are asking for Rs 900-1000 per share for open offer of Pfizer. Voluntary open offer price is of Rs 675 per share. Pfizer Invst Netherlands made voluntary offer to buy upto 33.77% at Rs 675 per share. Promoter holding in the company is at 41.23% while Institution holding is at 34.5%.Pfizer India core profit is of around Rs 130-140 crore. The company has cash in hand of around Rs 650 crore as of November, 2008. LIC said that it is advocating revision in open offer price, but there is no decision yet. LIC is the largest institutional investor with 14.38% stake. Open offer starts on June 15, and closes on July 4. Upward revision will be made on or before June 25.
Pfizer touched an intra day high of Rs 849 and an intra day low of Rs 825 and at 15:03 PM, the share was quoting at Rs 828, up Rs 5.05, or 0.61%, trading with volumes of 8,177 shares, compared to its 5-day average of 27,533 shares, an decrease of -70.30%.
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