India GSK Consumer zooms 20 percent on parent's open offer plan
MUMBAI (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 10.47 p.m. ET on Sunday.
(Reporting by Kaustubh Kulkarni and Manoj Dharra; Editing by Jijo Jacob)