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Money Nov 26, 2012

GSK Consumer soars 20% on parent's stake buy plan

Mumbai: 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 , along with its units, will buy up to 13.39 million shares. Reuters

GlaxoSmithKline , 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 Rs 3,659.20 , up 20 percent to their maximum daily trading limit, while the Sensex was up 0.42 percent by 9:36 a.m

Reuters

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