Indian units of global companies gain after GSK open offer

Reuters Market Eye - Shares in Indian units of global companies gain after GlaxoSmithKline Plc (GSK) plans to raise its stake in its domestic unit GlaxoSmithKline Pharmaceuticals Ltd via a $1 billion open offer.

Dealers say the open offer for GlaxoSmithKline Pharmaceuticals, which will be carried out at 26 percent above Friday's closing price, is raising hopes that other stake increases will also be carried out at similar premiums.

Among pharmaceutical units of global companies, Sanofi India Ltd gains 2.04 percent, Merck Ltd is up 5.62 percent, Abbott India Ltd rises 2.49 percent, while Astrazeneca Pharma India Ltd is 1.79 percent higher.

 

In other companies, Blue Dart Express Ltd gains 1.11 percent, GlaxoSmithKline Consumer Healthcare Ltd is up nearly 1 percent, while Nestle India Ltd rises 2.58 percent.

GlaxoSmithKline Pharmaceuticals shares surge 19 percent.

(Reporting by Abhishek Vishnoi)