GSK Consumer soars 20 pct on parent's open offer plan

MUMBAI Mon Nov 26, 2012 9:39am IST

A broker smiles as he trades on his computer terminal at a stock brokerage firm in Mumbai December 31, 2009. REUTERS/Punit Paranjpe/Files

A broker smiles as he trades on his computer terminal at a stock brokerage firm in Mumbai December 31, 2009.

Credit: Reuters/Punit Paranjpe/Files

Related Topics

Stocks

   

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)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

REUTERS SHOWCASE

Earnings Season

Earnings Season

HCL Tech March-quarter net up 59 percent, beats forecasts.  Full Article 

S&P on India

S&P on India

S&P: India's ratings to depend on next govt econ, fiscal policies.  Full Article 

Google Results

Google Results

Google Q1 revenue misses Wall Street targets.  Full Article 

Ambitious Aim

Ambitious Aim

In green car race, Toyota adds muscle with fuel-cell launch.  Full Article 

Deal Talk

Deal Talk

Piramal to buy 20 percent stake in Shriram Capital for $334 million.  Full Article 

Bond Market

Bond Market

A star abroad, RBI boss riles bond traders at home  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage