GlaxoSmithKline Pharma Surges on Open Offer by Parent

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December 16, 2013 3:15 PM EST

Shares in GlaxoSmithKline Pharmaceuticals Ltd(GLAX.NS) surged as much as 20 percent after GlaxoSmithKline Plc (GSK) (GSK.L) said on Monday it plans to buy up to 20.6 million shares to raise its stake in its Indian unit.

GSK is offering to buy the shares at 3,100 rupees per share, a premium of 26 percent over the market price on Friday, in a deal worth up to 629 million pounds that would raise its stake in GlaxoSmithKline Pharmaceuticals to up to 75 percent from 50.7 percent.

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