Shares of GlaxoSmithKline Pharmaceuticals has surged nearly 20% at Rs 2,952 in early morning deals on the BSE after its parent company GlaxoSmithKline plc announced a voluntary open offer to increase its stake in its Indian arm, from 50.7% to up to 75% at a price of Rs 3,100 per share.
“GlaxoSmithKline plc made an open offer for acquisition of 20.61 million shares representing 24.33% of the total voting share capital from the public shareholders of GlaxoSmithKline Pharmaceuticals,” the company said in a BSE filing.
The stock opened at Rs 2,950 and touched a low of Rs 2,900 on the BSE. A combined around 190,000 shares have changed hands on the counter so far on the BSE and NSE.