On Air Now

Current Show

Coast to Coast AM   12:00 AM - 5:00 AM

Call Coast to Coast now at 1-800-825-5033

Show Info »

Upcoming Shows

Program Schedule »

Listen

Listen Live Now » 590 AM Kalamazoo, MI

Weather

Current Conditions(Kalamazoo,MI 49001)

More Weather »
71° Feels Like: 71°
Wind: WSW 8 mph Past 24 hrs - Precip: 0”
Current Radar for Zip

Today

PM Thunderstorms 83°

Tonight

Scattered Thunderstorms 67°

Tomorrow

Partly Cloudy 79°

Alerts

GSK to raise stake in Indian consumer products arm via open offer

A GlaxoSmithKline logo is seen outside one of its buildings in west London, February 6, 2008. REUTERS/Toby Melville
A GlaxoSmithKline logo is seen outside one of its buildings in west London, February 6, 2008. REUTERS/Toby Melville

(Reuters) - GlaxoSmithKline Plc plans to raise its stake in its Indian consumer products arm GlaxoSmithKline Consumer Healthcare Ltd to 75 percent from 43.16 percent through an open offer, the manager to the offer said on Monday.

GlaxoSmithKline Plc 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)

Comments