GlaxoSmithKline Pharmaceuticals’ parent GSK Plc along with GSK Pte voluntarily offered to buy additional 24.33% at Rs3,100 per share driving the share price of the Indian company to an all time high
GlaxoSmithKline Pharmaceuticals Ltd hit its all time high of Rs2,952 in early trade on Monday on news of a voluntary open offer its United Kingdom-based parent company—GlaxoSmithKline plc (GSK plc) along with Singapore-based GlaxoSmithKline Pte Ltd (GSK Pte).
Both the companies, will acquire additional 24.33% stake from public at Rs3,100 per share. Prior this open offer, the parent company was holding about 50.67% of the voting share capital.
The open offer is a voluntary offer in terms of Regulation 6 of the SEBI Regulations, 2011. This open offer is not subject to any minimum level of acceptance. The open offer price will be payable in cash by GSK Pte, in accordance with the provisions of Regulation 9(1)(a) said HSBC Securities and Capital Markets (India) Private Ltd, a underwriter to the open offer, in corporate filing to BSE.
On 14 November 2013, GSK Plc announced plans to set up Rs864 crore pharmaceutical manufacturing units in India. In the last decade GSK Plc has invested Rs1,017 crore in India through its unit GlaxoSmithKline Pharmaceuticals.
Further details of the open offer will be published on or before 23 December 2013 in a detailed public statement.
At 12.01pm, GlaxoSmithKline Pharma was trading 18.9% higher at Rs2934 on the BSE, while the 30-share benchmark was marginally down at 20,714.
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