All set to increase the stake by 24.33 per cent in its subsidiary, GlaxoSmithKline Pharmaceuticals (GSK Pharma), GlaxoSmithKline Plc (GSK) announced that the Rs6,389.02 crore voluntary open offer would start from February 7,2014 and close on February 21, 2014.
GSK currently holds 50.67 per cent stake in its Indian arm and with the open offer plans to raise it to 75 per cent. The open offer is for acquiring up to 20,609,774 shares representing 24.33 per cent of the voting share capital of the GSK Pharma.
The price being offered is Rs 3,100 per share, GSK Pharma had said earlier. The open offer price will be payable in cash by the acquirer, in accordance with the provisions of Regulation 9(1) (a) of the SEBI (SAST) Regulations, 2011, it added.
“Securities regulations in India require a minimum public shareholding of 25 per cent for a company to maintain a public listing in the country. GSK intends to keep the company publicly listed,” the company had earlier said.