Shares of Hindustan Unilever and GlaxoSmithKline (GSK) Consumer Healthcare Monday surged 4 per cent on BSE after their boards approved the merger of the two companies.
The stock of HUL jumped 4.12 per cent to close at Rs 1,825.90. Intra-day, it gained 4.89 per cent to hit 52-week high of Rs 1,839.5.
The scrip of GSK went up by 3.75 to end at Rs 7,542.85. During the trading session, it soared 5.73 per cent to Rs 7687.2.
Anglo-Dutch FMCG giant Unilever Monday said it will acquire health food and drinks portfolio of GSK in India and over 20 other markets predominantly in Asia for a consideration of 3.1 billion pound.
As part of the transaction, Unilever's Indian arm Hindustan Unilever will acquire GSK Consumer Healthcare (GSK CH India) via an all-equity merger, valuing the total business of the latter at Rs 31,700 crore.
In separate regulatory filings HUL and GSK announced that their respective boards have approved their merger.