Pfizer announces internal corporate restructuring plan, stock soars 18%

Pfizer East India B.V. Netherlands proposed to acquire 60.94% stake from Pfizer Corporation and Pfizer Investments Netherlands B V.

Pfizer has soared to 18% to Rs 1,230 on BSE after the company announced an internal corporate restructuring plan.

Under the plan, Pfizer East India B.V. Netherlands proposed to acquire 60.94% stake which collectively held by Pfizer Corporation (31.42%) and Pfizer Investments Netherlands B V (29.52%), 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 8.8 million shares at a sale price of Rs 1,537 per share, while Pfizer Corporation sell 9.39 million 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 February 28, 2014.

The stock opened at Rs 1,038 and touched a low of Rs 1,022 on the BSE. A combined 280,000 shares changed hands on the counter so far on the BSE and NSE.