Shares of 17 MNC associate firms rose by 0.21% to 5.11% at 12:26 IST on BSE as an open offer for GlaxoSmithkline Pharmaceuticals by its overseas parent raised expectations that other MNC parents may at some stage take similar course.
Merck (up 5.11%), Fulford (India) (up 3.57%), 3M India (up 2.37%), Astrazeneca Pharma India (up 2.31%), Linde India (up 1.72%), Hitachi Home & Life Solutions India (up 1.34%), Goodyear India (up 1.15%), Ingersoll-Rand (India) (up 1.13%), Siemens (up 0.90%), Bosch (up 0.83%), Honeywell Automation India (up 0.71%), Federal-Mogul Goetze (India) (up 0.64%), Pfizer (up 0.53%), Monsanto India (up 0.52%), Oracle Financial Services Software (up 0.33%), DIC India (up 0.32%) and Ricoh India (up 0.21%), edged higher.
The BSE Sensex was up down 10.10 points, or 0.05% at 20,705.48.
Shares of GlaxoSmithkline Pharmaceuticals spurted 19.02% to Rs 2,938 after the company's overseas parent 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. The announcement was before trading hours today, 16 December 2013.
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.
As on 30 September 2013, foreign promoter of Merck held 51.8% in the company. Foreign promoter of Pfizer held 70.75% in the company. Foreign promoter of Astrazeneca Pharma India held 75% in the company.
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