GlaxoSmithKline Plc's Rs 6,389.02 crore open offer to pick up 24.33 per cent stake in its Indian arm GlaxoSmithKline Pharmaceuticals will start from February 7, 2014.
In a filing to the BSE, GlaxoSmithKline Pharmaceuticals said the date of finishing of tendering period (offer closing date) is February 21, 2014.
GlaxoSmithKline Plc (GSK) is looking at climbing its asset in GlaxoSmithKline Pharmaceuticals (GSK Pharma) to up to 75 per cent from 50.67 per cent.
The open recommend is for acquiring up to 20,609,774 shares representing 24.33 per cent of the voting share capital of the target company. The price being offered is Rs 3,100 per share, GSK Pharma said.
The open offer price will be payable in cash by the acquirer, in accordance with the requirements 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 roll in the country. GSK intends to keep the company publicly-listed," the company had earlier said.
GSK Pharma is engaged in manufacturing, distributing and trading. The company's product portfolio includes prescription medicines and vaccines across salutary areas such as anti-infectives, ermatology, and gynaecology.
The company employs more than 5,000 people across its operations and generated more than Rs 2,600 crore earnings in the financial year ended December 31, 2012.
The GSK Pharma scrip closed at Rs 2,954 on the BSE, up 0.47 per cent.