GlaxoSmithKline Plc (GSK.L) plans to raise its stake in its Indian consumer products arm GlaxoSmithKline Consumer Healthcare Ltd (GLSM.NS) to 75 percent from 43.16 percent through an open offer, the manager to the offer said on Monday.
GlaxoSmithKline Plc (GSK.L) along with its units will buy up to 13.39 million shares, or 31.84 percent in GlaxoSmithKline Consumer Healthcare, at 3,900 rupees per share, said HSBC Securities, the manager to the offer, in a statement.
As per Indian regulations, promoters of stock exchange-listed companies can hold up to a maximum of 75 percent stake. If the promoter shareholding rises beyond 75 percent, then the company has to be de-listed from the bourses.
(Reporting by Kaustubh Kulkarni; Editing by Gopakumar Warrier)