India GSK Consumer zooms 20 pct on parent's open offer plan
MUMBAI Nov 26 (Reuters) - Shares in GlaxoSmithKline Consumer Healthcare, the Indian arm of GlaxoSmithKline , 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, 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 Mumbai market was up 0.23 percent by 0347 GMT. (Reporting by Kaustubh Kulkarni and Manoj Dharra; Editing by Jijo Jacob)
- Tweet this
- Share this
- Digg this
- Alabama man claims penis was amputated by mistake
- UPDATE 7-French warplanes search Mali desert for crashed Air Algerie plane
- Iraq elects president as Ban urges unity to save nation
- UPDATE 2-U.S. says Russia firing artillery over border at Ukraine military
- UPDATE 8-At least 15 killed by shelling of Gaza school; toll exceeds 760
India blocked an agreement on new global customs rules on Thursday, angering fellow members of the World Trade Organization who say Delhi's veto could be costly, economically and politically. Full Article