Shares of multinational pharmaceutical companies are in demand after London-listed GlaxoSmithKline plc announced a voluntary open offer to increase its stake in its Indian subsidiary GlaxoSmithKline Pharmaceuticals at a huge premium.
Novartis India, Merck, Abbott India, Astrazeneca Pharma India and Sanofi India are up 2-6% on the Bombay Stock Exchange (BSE) against 0.02% decline in benchmark S&P BSE Sensex at 1450 hours.
GlaxoSmithkline Pharmaceuticals has rallied nearly 18% to Rs 2,924 on the BSE. The company's overseas parent GlaxoSmithKline Pte along with GlaxoSmithkline plc announced a voluntary open offer to the public shareholders of the company to acquire 20.6 million equity shares at Rs 3,100 per share. The offer price is 26% higher than its Friday’s closing of Rs 2,468 on the BSE.
The promoter proposed to increase its stake in GlaxoSmithkline Pharmaceuticals to 75% from 50.7%.
Novartis India, Merck, Abbott India, Astrazeneca Pharma India and Sanofi India are up 2-6% on the Bombay Stock Exchange (BSE) against 0.02% decline in benchmark S&P BSE Sensex at 1450 hours.
GlaxoSmithkline Pharmaceuticals has rallied nearly 18% to Rs 2,924 on the BSE. The company's overseas parent GlaxoSmithKline Pte along with GlaxoSmithkline plc announced a voluntary open offer to the public shareholders of the company to acquire 20.6 million equity shares at Rs 3,100 per share. The offer price is 26% higher than its Friday’s closing of Rs 2,468 on the BSE.
The promoter proposed to increase its stake in GlaxoSmithkline Pharmaceuticals to 75% from 50.7%.
