Shares of Glaxosmithkline Pharmaceuticals gained as much as 2.55 per cent in early trade on Monday after the pharma firm said its board has approved the sale of around 60 acres land in Thane, Maharashtra, to Oberoi Realty for Rs 555 crore.
GSK Pharma was trading 0.49 per cent up at Rs 2,440 at 11 am local time. The company shares opened at Rs 2,485 and touched a high and low of Rs 2,490 and Rs 2,445, respectively, in trade so far.
Oberoi Realty is set to acquire GlaxoSmithKline Pharmaceuticals’ 60-acre land parcel at Thane, near Mumbai, for Rs 555 crore. This translates into a price of Rs 9.25 crore per acre.
GSK's board had approved the land sale transaction in its meeting on Friday. “The proposed sale of land is subject to receipt of all statutory and regulatory approvals from the authorities concerned and signing of definitive documents between the company and Oberoi Realty in this regard,” GSK said in a filing to a stock exchange.
The 60-acre plot housed the company's manufacturing plant, which was set up in 1961. It was used for the manufacture of active pharmaceutical ingredients.
The company had received five to six bids for the land parcel and had indicated that the sale transaction would be concluded by December-end at the annual general meeting in July.