Shares of GlaxoSmithKline Consumer Healthcare have jumped 12 percent this week after reports that the firm’s India-focused Horlicks health nutrition business is up for grabs.

Share Market Live

NSE

Shares traded at Rs 7,506.60, rising by 5.51 percent or by Rs 391.85 at 2:55 PM on the BSE. Intraday, the shares hit a high of Rs 7,695 and a low of Rs 7,150.

Global fast moving consumer goods (FMCG) majors like Hindustan Unilever, Nestle, Pepsico, Coca-Cola, Kellogg and Reckitt Benckiser are in the fray to acquire Horlicks, multiple media reports said.

According to Reuters, GlaxoSmithKline is seeking initial bids by mid-September, which could fetch more than $4 billion.

The firm started a strategic review of Horlicks - a malt-based drink brand popular in India – and some smaller products, after buying Novartis out of their consumer healthcare venture for $13 billion in March, it added.

Horlicks is more than 140 years old with origins dating back to 1873, when two British-born men, James and William Horlick, first founded a company in Chicago to manufacture the drink.

It was introduced to India by Indian soldiers who had fought with the British Army in the First World War.