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GlaxoSmithKline Pharmaceuticals surges over 10% on heavy volumes

Shares of GlaxoSmithKline Pharmaceuticals has surged 11% to Rs 3,480 on back of heavy volumes. The stock opened at Rs 3,150 and touched a new high of Rs 3,518 on BSE so far.

The trading volumes on the counter jump multiple-fold with a combined 103,862 shares changed hands till 1212 hours against an average sub 25,000 shares that were traded daily in past two weeks on BSE and NSE.

As of December 31, 2014, GlaxoSmithKline Plc, the London-listed parent of GSK Pharma holds 75% stake in the Indian company. In March last year, the promoter had increased their stake in the company to 75% from 50.67% through open offer.

Capital market watchdog Sebi on Thursday cleared relaxed regulations for delisting offers.

To make the delisting process more easier, Sebi said the requirement of mandatorily buying minimum 25% shares of public shareholders would be relaxed. The relaxation would be done only if the acquirer and the concerned merchant banker are able to “demonstrate that they have contacted all the public shareholders, about the offer,” the PTI report suggests.

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