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 Jijo Jacob)
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What seemed like a possibility for the Nifty to cross the 8,000 mark just two weeks ago has now turned out to be a far-fetched dream. A 7,950-8,000 range could be used to book partial profits and re-enter closer to 7,750-7,800 for the next couple of weeks. The next big trigger would be the arrival of monsoons, writes Ambareesh Baliga. Read