Moneycontrol
Nov 26, 2012 11:53 AM IST | Source: Reuters

GSK to raise stake in consumer products arm via open offer

GlaxoSmithKline Plc plans to raise its stake in its Indian consumer products arm GlaxoSmithKline Consumer Healthcare Ltd to 75% from 43.16% through an open offer, the manager to the offer said on Monday.

GSK to raise stake in consumer products arm via open offer

GlaxoSmithKline Plc plans to raise its stake in its Indian consumer products arm GlaxoSmithKline Consumer Healthcare Ltd to 75% from 43.16% through an open offer, the manager to the offer said on Monday.


GlaxoSmithKline along with its units will buy up to 13.39 million shares, or 31.84% in GlaxoSmithKline Consumer Healthcare, at Rs.3,900 per share, said HSBC Securities Ltd, the manager to the offer, in a statement.


Also Read: GlaxoSmithKline Pharma Q3 net up 4.44% at Rs 152.34 cr


As per Indian regulations, promoters of stock exchange-listed companies can hold up to a maximum of 75% stake. If the promoter shareholding rises beyond 75%, then the company has to be de-listed from the bourses.


GlaxoSmithKline Pharmaceuticals was quoting at Rs 2,085, up Rs 86.55, or 4.33%.

GlaxoSmithKline Consumer Healthcare was quoting at Rs 3,651.80, up Rs 608.60, or 20%. It has touched a 52-week high of Rs 3,651.80.

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