MUMBAI Nov 26 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