GSK’s open offer to start from February 18

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GlaxoSmithKline Plc’s (GSK) share tender offer worth nearly Rs. 6,400 crore to raise its stake in the Indian unit will start on February 18th and end of March 5th, the manager to the offer said in a notice to the exchanges on Monday.

GSK plans to raise its stake to as much as 75 per cent from 50.7 per cent in GlaxoSmithKline Pharmaceutical through the offer, betting on an increase in healthcare spending in emerging markets.

The British parent company is looking to buy up to 2.06 crore shares of the Indian unit at Rs. 3,100. Shares of GlaxoSmithKline Pharmaceutical ended up 0.3 per cent at Rs. 2,981.90 on Monday.

HSBC Holdings Plc is the issue manager.