Pfizer Inc., the world's leading research-based pharmaceutical company, announced that it has decided to buy additional 33.77% equity stake in its Indian division in order to increase its holding stake to 75%.  

The New York based pharmaceutical major said that it will spend around Rs 6.8 billion on the deal.

The acquirement will be done through Pfizer’s wholly-owned arm, Pfizer Investments Netherlands B.V.

The company seeks to purchase additional stake at Rs 675 per share.

Pfizer’s offer symbolizes a premium of 8.3% to the April 9 closing price of Rs 623 on the Bombay Stock Exchange (BSE).

Pfizer already holds 41.23% stake in the Indian company. It expects the offer, which is subject to regulatory approvals, to open in June.

Following the announcement, Pfizer shares, today (at 12:59 p.m.) zoomed 10% to Rs 685.50.

Current EPS & P/E ratio stood at 48.96 and 14.00 respectively. The share price has seen a 52-week high of Rs 698 and a low of Rs 436.25 on BSE.