Dec 16, 2013, 09.04 AM IST
GSK, which holds 50.7 percent stake, wants to raise up to 75 percent at a price of Rs 3,100 per share. GSK intends to keep the company publicly-listed.
Tags GlaxoSmithKline, GlaxoSmithKline Pharmaceuticals, GSK Pharma
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Parent co announces open offer for GSK Pharma at Rs 3100/sh
GSK, which holds 50.7 percent stake, wants to raise up to 75 percent at a price of Rs 3,100 per share. GSK intends to keep the company publicly-listed.
Like this story, share it with millions of investors on M3
Parent co announces open offer for GSK Pharma at Rs 3100/sh
GSK, which holds 50.7 percent stake, wants to raise up to 75 percent at a price of Rs 3,100 per share. GSK intends to keep the company publicly-listed.
GSK added that it intends to keep the company listed, which means it will not hike its stake any further after the open offer. Securities regulations in India require a minimum public shareholding of 25 percent for a company to maintain a public listing.
The open offer, in which the parent firm intends to buy 2,06,09,774 shares, or 24.3%, of the company, represents a premium of about 26 percent of the stock's closing price on December 13.
"For GSK, this transaction will increase exposure to a strategically important market and for our Indian pharmaceuticals subsidiary's shareholders we believe it offers a good liquidity opportunity at an attractive premium," David Redfern, Chief Strategy Officer, GSK, said in a statement.
"GSK has a proud heritage in India. Today's announcement is a further demonstration of our long-term commitment to the country having increased our holding in our consumer business earlier this year and more recently committed to a significant manufacturing investment."
HSBC Securities is the manager for this open offer.
CNBC-TV18's Aastha Maheshwari had broken this story in May 2013.
The transaction will be funded through GSK's existing cash resources, will be earnings neutral for the first year and accretive thereafter and will not impact expectations for the group's long-term share buyback programme, the parent company said.
GlaxoSmithKline stock price
On December 16, 2013, at 09:20 hrs GlaxoSmithKline Pharmaceuticals was quoting at Rs 2919.00, up Rs 450.60, or 18.25 percent. The 52-week high of the share was Rs 2952.00 and the 52-week low was Rs 2005.00.
The company's trailing 12-month (TTM) EPS was at Rs 61.81 per share as per the quarter ended September 2013. The stock's price-to-earnings (P/E) ratio was 47.23. The latest book value of the company is Rs 237.30 per share. At current value, the price-to-book value of the company is 12.30.
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