GSK Consumer soars 20 pct on parent's open offer plan
MUMBAI (Reuters) - Shares in GlaxoSmithKline Consumer Healthcare (GLSM.NS), the Indian arm of GlaxoSmithKline (GSK.L), surged 20 percent to their maximum daily limit on Monday, following news that its UK-based parent group plans to raise its stake in the unit via an open offer.
GlaxoSmithKline Plc (GSK.L), along with its units, will buy up to 13.39 million shares, or an additional 31.84 percent in GlaxoSmithKline Consumer Healthcare, at 3,900 rupees per share, said HSBC Securities, the manager to the offer, in a statement.
Valued at $2.3 billion, shares in GSK Consumer Healthcare were locked at 3,659.20 rupees, up 20 percent to their maximum daily trading limit, while the Sensex was up 0.42 percent by 9:36 a.m. (Reporting by Kaustubh Kulkarni and Manoj Dharra; Editing by Jijo Jacob)
- Tweet this
- Share this
- Digg this
- U.S. strikes have slowed Iraq militants but not weakened them - Pentagon
- Japan, India vow to boost strategic ties during summit
- Federer marches on as wild weather, upsets hit U.S. Open
- Govt urges Supreme Court to not cancel some 'illegal' coal mines
- Dozens arrested at Made in America music festival in Los Angeles
The Nifty surged past the psychologically important 8,000 level for the first time to mark its latest record high as blue-chips such as Larsen & Toubro gained after better than expected quarterly economic growth data. Read
Government urges Supreme Court to not cancel some 'illegal' coal mines Full Article