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.
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.
GlaxoSmith Con stock price
On November 27, 2015, GlaxoSmithKline Consumer Healthcare closed at Rs 5947.00, up Rs 69.25, or 1.18 percent. The 52-week high of the share was Rs 6564.05 and the 52-week low was Rs 5425.10.
The company's trailing 12-month (TTM) EPS was at Rs 158.74 per share as per the quarter ended September 2015. The stock's price-to-earnings (P/E) ratio was 37.46. The latest book value of the company is Rs 502.44 per share. At current value, the price-to-book value of the company is 11.84.
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