MUMBAI, Feb 10 (Reuters) - GlaxoSmithKline Plc's (GSK) share tender offer worth $1 billion to raise its stakein the Indian unit will start on Feb 18th and end of March 5th,the manager to the offer said in a notice to the exchanges onMonday.
GSK plans to raise its stake to as much as 75 percent from50.7 percent in GlaxoSmithKline Pharmaceutical throughthe offer, betting on an increase in healthcare spending inemerging markets.
The British parent company is looking to buy up to 20.6million shares of the Indian unit at 3,100 rupees a share.Shares of GlaxoSmithKline Pharmaceutical ended up 0.3 percent at2,981.90 rupees on Monday.
HSBC Holdings Plc is the issue manager.
Glaxosmithkline (GSK)