Nov 26 (Reuters) - GlaxoSmithKline Plc plans to
raise its stake in its Indian consumer products arm
GlaxoSmithKline Consumer Healthcare Ltd to 75 percent
from 43.16 percent through an open offer, the manager to the
offer said on Monday.
GlaxoSmithKline Plc along with its units will buy up
to 13.39 million shares, or 31.84 percent in GlaxoSmithKline
Consumer Healthcare, at 3,900 rupees per share, said HSBC
Securities, the manager to the offer, in a statement.
As per Indian regulations, promoters of stock
exchange-listed companies can hold up to a maximum of 75 percent
stake. If the promoter shareholding rises beyond 75 percent,
then the company has to be de-listed from the bourses.