GlaxoSmithKline would buy 31.8% additional stake in its unit GlaxoSmithKline Consumer Healthcare for Rs3,900 per share
Mumbai: UK-based GlaxoSmithKline Plc's open offer to acquire 31.8% stake in its Indian subsidiary GlaxoSmithKline Consumer Healthcare Ltd will begin on 17th January next year, reports PTI.
The open offer would close on January 30, GlaxoSmithKline Consumer Healthcare said in a regulatory filing to the BSE.
The UK-parent had made an offer to acquire up to 13,389,410 shares, representing 31.8% of the total outstanding shares of the India consumer business GlaxoSmithKline Consumer Healthcare.
The company would buy the shares at Rs3,900 apiece taking the potential total value of the transaction to about Rs5,220 crore.
Last month, GlaxoSmithKline had offered to hike stake in its GlaxoSmithKline Consumer Healthcare to up to 75%.
The transaction, which will be funded through GSK's existing cash resources, will be earnings neutral for the first year and accretive thereafter and will not impact expectations for the group's long-term share buyback programme.
As on quarter ended September 2012, the foreign promoter of GSKCH held 43.2% stake in the company while the public shareholding was at 56.84%.
Securities regulations in India require a minimum public shareholding of 25% for a company to maintain a public listing in the country.
GSK's Consumer Healthcare business in India generated over Rs2,800 crore turnover in the financial year ended 31 December 2011. The company employs nearly 3,200 people.
Cholamandalam MS General Insurance is planning to offer its services on the mobile phone platform
Chennai: Private sector Insurance firm Cholamandalam MS General Insurance, a joint-venture between Murugappa Group and Mitsui Sumitomo Insurance Group of Japan, is planning to offer its services on the mobile phone platform, reports PTI quoting a top company official.
"We will introduce many new initiatives on the mobile platform soon which shall further delight our customers", Cholamandalam MS General Insurance, Managing Director, SS Gopalarathnam said.
He said the company was working over the last couple of years to help customers transact through its website.
Meanwhile, Chola MS said, its online portal -- www.cholainsurance.com -- has taken the top spot in a study undertaken by Yahoo. The website was selected for its 'user-friendly' appeal and economical premium of web policies, it said.
Cholamandalam MS General Insurance offers various products like motor, health and travel insurance. In 2011-12, the company achieved a GWP (gross written premium) of Rs1,346 crore. It has 92 branches and 6,000 agents across the country.
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