GSK's $1 billion share tender offer for Indian unit to start Feb 18

MUMBAI (Reuters) - GlaxoSmithKline Plc's (GSK) share tender offer worth $1 billion to raise its stake in the Indian unit will start on Feb. 18 and end on Mar. 5, the manager to the offer said in a notice to the exchanges on Monday.

GSK plans to raise its stake to as much as 75 percent from 50.7 percent in GlaxoSmithKline Pharmaceutical through the offer, betting on an increase in healthcare spending in emerging markets.

The British parent company is looking to buy up to 20.6 million shares of the Indian unit at 3,100 rupees a share. Shares of GlaxoSmithKline Pharmaceutical ended up 0.3 percent at 2,981.90 rupees on Monday.

 

HSBC Holdings Plc is the issue manager.

(Reporting by Archana Narayanan; Editing by Sumeet Chatterjee)