Pfizer increases Indian subsidiary investment
Global drug giant Pfizer has made an offer of 675.00 rupees per share, or 6.8 billion ($137.7 million) rupees in total, to increase the stake in its indirect Indian subsidiary to 75% from the current level of 41%. Shares in the division rose 9% to 677 rupees in morning trading on the day of the news, April 13.
To adhere to Indian law, Pfizer will make a public announcement of the deal before it makes the offer for the additional 34% of its subsidiary through the Bombay Stock Exchange and the National Stock Exchange of India. The action will open in June.
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