GlaxoSmithkline Pharmaceuticals spurted 18.9% to Rs 2,935 at 10:01 IST on BSE after its overseas parent GlaxoSmithkline plc announced a voluntary open offer to acquire additional 2.06 crore equity shares of the company at Rs 3,100 per share.
The announcement was before trading hours today, 16 December 2013.
Meanwhile, the S&P BSE Sensex was down 7.34 points or 0.04% at 20,708.24.
On BSE, 51,000 shares were traded in the counter as against average daily volume of 6,108 shares in the past two weeks.
The stock hit a high of Rs 2,952 so far during the day, which is a record high for the counter. The stock hit a low of Rs 2,900 so far during the day.
The stock had underperformed the market over the past one month till 13 December 2013, advancing 2.4% compared with the Sensex's 2.58% rise. The scrip had also underperformed the market in past one quarter, surging 4.9% as against Sensex's 4.98% rise.
GlaxoSmithKline Pte along with GlaxoSmithkline plc announced a voluntary open offer to the public shareholders of GlaxoSmithkline Pharmaceuticals to acquire 2.06 crore equity shares, representing 24.33% stake of the total voting share capital of the company, at Rs 3,100 per share.
GlaxoSmithkline plc currently holds 50.67% stake in GlaxoSmithkline Pharmaceuticals. Its stake will rise to 75% if it gets the entire 2.06 crore equity shares through the voluntary open offer.
GlaxoSmithkline Pharmaceuticals' net profit fell 33.7% to Rs 100.95 crore on 7.2% decline in net sales to Rs 620.54 crore in Q3 September 2013 over Q3 September 2012.
GlaxoSmithkline Pharmaceuticals is engaged in the business of manufacturing, distributing and trading in pharmaceuticals. The company's product portfolio includes prescription medicines and vaccines. Its prescription medicines range across therapeutic areas such as anti-infectives, dermatology, gynaecology, diabetes, oncology, cardiovascular diseases and respiratory diseases.
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