The Pfizer stock jumped as much as 18% on Monday after the company announced a restructuring plan where Pfizer East India BV, the Netherlands, would obtain a 29.52% stake held by Pfizer Investments Netherlands BV at R1,537 per share, which represented a premium of 47.68% over Pfizer?s closing price on Bombay Stock Exchange on Friday.
Pfizer, through the law firm AZB & Partners, announced via a regulatory filing that the top two stakeholders in the company, Pfizer Investments Netherlands and Pfizer Corp, Panama that hold 60.94% stake between the two of them, would divest their stake in the new company.
While Pfizer Panama would give its stake ?as a gift, no consideration?, Pfizer Investments Netherlands would sell it at a premium.
The stock traded at weighted average price of R1,340.72 per share for 60 days preceding Monday?s notice. Wyeth?s share price also jumped as much as 16% on the same announcement as its merger with Pfizer is set to complete in 2014. Pfizer India?s shares closed up 9.36% at R1,138.20 on BSE. More than 5.67 lakh shares changed hands on Monday on BSE and NSE. Wyeth closed up 7% at R759.80 on the BSE.
