MUMBAI, Dec 16 (Reuters) - GlaxoSmithKline Plc (GSK) said on Monday it plans to raise its stake in its Indianpharmaceutical unit to up to 75 percent from 50.7 percent,through an open offer, in a deal worth about 629 million pounds($1.02 billion).
GSK will buy up to 20.6 million shares of GlaxoSmithKlinePharmaceutical Ltd at 3,100 rupees a share, a premiumof 26 percent over its market price on Friday, the company saidin a statement.
The British drugmaker said it plans to keep the Indian unitlisted even after raising the stake.
As per Indian regulations, promoters of stockexchange-listed companies can hold up to a maximum of 75 percentstake. If the promoter shareholding rises beyond 75 percent,then the company has to be de-listed from the bourses.
In February, GSK lifted its stake in its publicly-listedIndian consumer healthcare subsidiary to 72.5 percent from 43.2percent for $901 million, deepening its footprint in emergingmarkets and non-prescription products.
Glaxosmithkline (GSK)