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Shares in Glaxo Smithkline Pharma surged 20 per cent after a notice to the exchange wherein the company has said there would be an increase in stake through acquisition of shares by GlaxoSmithKline Pte Ltd along with GlaxoSmithKline plc.
The Voluntary Open Offer is for acquisition of 20,609,774 Shares representing 24.33% of the total Voting Share Capital from the public.
The price payable to shareholder who opt for the open offer is Rs 3100, which is higher then the current market price of Rs 2936 on the National Stock Exchange. The offer would not be subject to any minimum subscription.
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