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India's GlaxoSmithKline Pharma surges on open offer by parent

Reuters - UK Focus

MUMBAI, Dec 16 (Reuters) - Shares in India's GlaxoSmithKline (Berlin: GS7.BE - news) Pharmaceuticals Ltd surged 20 percent in pre-open trading to its maximum daily limit after GlaxoSmithKline Plc (Other OTC: GLAXF - news) (GSK) said on Monday it plans to buy up to 20.6 million shares to raise its stake in its Indian unit.

GSK is offering to buy the shares at 3,100 rupees per share, a premium of 26 percent over the market price on Friday, in a deal worth up to 629 million pounds ($1.02 billion) that would raise its stake in GlaxoSmithKline Pharmaceuticals to up to 75 percent from 50.7 percent. (Reporting by Abhishek Vishnoi; Editing by Supriya Kurane)