GSK's $1 bn share tender offer for Indian unit to start Feb 18

Written by Reuters | Mumbai | Updated: Feb 10 2014, 23:54pm hrs
GSKGSK plans to raise its stake to as much as 75 pct from 50.7 pct in GlaxoSmithKline Pharmaceutical through the offer. PTI
Glaxosmithkline Pharma Ltd share tender offer worth $1 billion to raise its stake in the Indian unit will start on Feb 18th and end on March 5th, the manager to the offer said in a notice to the exchanges on Monday.

GSK plans to raise its stake to as much as 75 percent from 50.7 percent in GlaxoSmithKline Pharmaceutical through the offer, betting on an increase in healthcare spending in emerging markets.

The British parent company is looking to buy up to 20.6 million shares of the Indian unit at 3,100 rupees a share. Shares of GlaxoSmithKline Pharmaceutical ended up 0.3 percent at 2,981.90 rupees on Monday.

HSBC Holdings Plc is the issue manager.