Rushing in to encash the hike in foreign direct investment (FDI) limit in pharmaceutical sector, UK based GlaxoSmithKline (GSK) has filed its proposal to up its stake in its domestic arm before Foreign Investment Promotion Board (FIPB). GSK's proposal to buy 24.33 per cent stake worth Rs 6,400 crore in GlaxoSmithKline Pharmaceutical (GSK Pharma) is expected to be taken up by FIPB in its next week's meeting.
GSK has already announced its open offer between February 7 and February 21 to buy the 24.33 per cent stake at the price of Rs 3,100 per share. The Singapore subsidiary of GSK is expected to buy the 24.33 per cent stake or 2.06 crore equity shares in GSK Pharma through the open offer.