Pfizer revises open offer price to Rs 830 from Rs 675; had made open offer for 34.5% stake; Pfizer currently holds around 41% stake in Indian arm
Pfizer Global has revised the open offer price for 34% stake in its Indian Arm to Rs 830 per share from Rs 675 per share. Current market price of Pfizer is at Rs 855. Pfizer’s open offer for 34% in its Indian arm will begin on July 15.
Pfizer India’s parent company had made an offer to acquire 33.77% stake at Rs 675 per share. Pfizer holds 41.23% stake in Pfizer India. Pfizer’s original open offer was at 8% premium to CMP of Rs 623 per share. The 6-month average price is of Rs 507.
Pfizer CY09 EPS was of Rs 50/sh, PE was at Rs 675 which is 13.5x CY09 earnings. Pfizer India has Rs 750 crore as cash. Other Institutions hold about 25% stake in Pfizer India. Other institutions holding in Pfizer includes LIC, which holds 15% stake, Reliance MF holds 2% stake, UTI Unit Linked holds 2% and DSP BlackRock holds 1.68% stake in Pfizer.
Pfizer said that the parent company is not looking to delist the Indian arm for the next 3 years.
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