NDTV | Updated On: December 16, 2013 09:25 (IST)
Shares in GSK Pharma surged as much as 20 per cent on Monday after its parent global drug maker GlaxoSmithKline initiated a voluntary open offer to acquire up to 2.06 crore shares, or 24.3 per cent of equity in its local unit.
GSK's offer price of Rs 3100 per share is at a 26 per cent premium to the closing price of Rs 2,468.40 on December 13. The offer period is expected to begin in February 2014. GSK plans to up its stake in its Indian unit GSK Pharma to 75 per cent from 50.7 per cent currently. GSK Pharma will remain publicly-listed company.
GSK Pharma shares surged to a high of Rs 2,952 in intraday trade as of 09.15 a.m.
The potential value of the transaction is Rs 6,400 crore. The deal will be funded via GSK's existing cash resources. The offer will be managed by HSBC Securities and Capital Markets.
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