Tags: Maharashtra , Mumbai , Pfizer

Mumbai: Global pharmaceutical major Pfizer Thursday revised its open offer to acquire a further 33.77 percent stake in its Indian subsidiary from Rs.675 per share to Rs.830 per share.

With this, the cost of acquisition would go up to Rs.8.6 billion from Rs.6.8 billion.

The acquisition is to be done through a wholly-owned subsidiary, Pfizer Investments Netherlands.

If the offer would be accepted, the parent company's stake in Pfizer India would go up to 75 percent from the current 41.23 percent.

Pfizer made its first open offer April 13. The company intends to buy 10,078,143 shares from the secondary markets.

Pfizer was forced to raise the quote after share prices of the Indian subsidiary went up by almost 33 percent from the share price it had offered.

The company's scrip ended trade at the Bombay Stock Exchange (BSE) at Rs.820.55 Thursday.

Financial institutions hold about 25.51 percent stake in Pfizer India.

Life Insurance Corporation of India is the largest institutional investor with a 14.38 percent stake. Other prominent stake-holders include Reliance Capital with 2.45 percent and UTI with 2.09 percent.

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