By Gurdev Singh Virk
MUMBAI--GlaxoSmithKline Plc (GSK) on Monday floated an open offer to buy an additional 24.33% stake in its Indian unit, GlaxoSmithkline Pharmaceuticals, (500660.BY), with the aim of raising its shareholding to 75%.
The offer to shareholders, valued at $1 billion, is being made at a 26% premium over GlaxoSmithKline Pharmaceuticals' closing share price on Friday. Indian laws do not allow promoters to hold more than 75% in a publicly listed company.
The parent company wants to buy 20.61 million shares at 3,100 rupees each ($50), HSBC Securities & Capital Markets (India) Pvt. Ltd., the offer manager, said in a stock exchange filing.
GlaxoSmithkline Pharmaceuticals, makes, distributes and trades in pharmaceuticals. Its product portfolio includes a wide range of prescription drugs and vaccines used for treating skin disease, cancer, diabetes and heart ailments.
At 0630 GMT, shares of GlaxoSmithKline Pharmaceuticals was changing hands at 2,935 rupees, up 18.9% on the Bombay Stock Exchange, as compared a 0.1% gain in the main 30-stock S&P BSE Sensex index.
Write to Gurdev Singh Virk at Gurdev.Singh@wsj.com
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