GlaxoSmithKline Plc (GSK) is planning to hike its stake in its Indian pharmaceutical unit GlaxoSmithKline Pharmaceuticals to up to 75% from 50.7% through an open offer in a deal worth about 629 million pounds ($1.02 billion).
GSK would buy up to 20.6 million shares of the company at Rs 3,100 a share, a premium of 26 per cent over its closing market price on Friday. The company said that it planned to keep the Indian unit listed even after raising the stake.
GlaxoSmithKline Pharmaceuticals is one oldest pharmaceutical company in India. Internationally it has created many brands such as Ribena, Horlicks, Lucozade, Aquafresh, Sensodyne, Panadol, Tums and Zovirax, among others. It employs 5,000 people and has turnover of more than $1 billion in India.
Company Name | CMP |
---|---|
Sun Pharma Inds. | 1531.60 |
Dr. Reddys Lab | 5799.45 |
Cipla | 1399.00 |
Zydus Lifesciences | 1051.35 |
Lupin | 1650.30 |
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