Drug major Pfizer Ltd today said it has completed the sale of its subsidiary PAPPL to Pfizer Animal Health India Ltd (PAHIL), which is owned by US-based Pfizer Inc, for Rs 471.60 crore.
"..transaction of the sale of the entire equity stake by the company and its nominees in PAPPL (Pfizer Animal Pharma Pvt Ltd) to PAHIL has been completed and the company has received the consideration amount of Rs 471.60 crore," Pfizer said in a filing to BSE.
Pfizer Ltd had said earlier that the development is part of a global internal re-organisation taken up by its parent, Pfizer Inc, in July 2011 under which it was reviewing strategic alternatives for its global animal health business.
Pfizer's animal health business has presence primarily in the large animal health and poultry market segments and also includes rendering of marketing services.
Pfizer scrip closed at Rs 1,135.35 on the BSE, down 1.43 per cent from its previous close.