Glaxo, SmithKline swap ratio fixed at 1:2 for local merger
Mumbai: The board of directors of Glaxo India and SmithKline Beecham Pharmaceuticals (India) have on Friday approved the scheme of amalgamation, clearing the merger of the two companies in India. The merger is subject to the approval of the shareholders of the two companies and of the High Courts of Mumbai and Bangalore.

Mr. V Thyagarajan, vice-chairman and managing director of Glaxo India said the boards of the two companies have decided that Glaxo India will issue and allot at par, to the shareholders of SmithKline Beecham, one equity share of Rs 10 each, credited as fully paid-up in the capital of Glaxo India for every 2 equity shares of Rs 10 each held by the shareholders of SmithKline Beecham. Arthur Andersen and NM Raiji & Co have been appointed by the boards to recommend a fair swap ratio for the merger.
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Sensex loses 140 points dampened by Survey
Mumbai: The Economic Survey has caused across the board stock selling on Friday at the Bombay Stock Exchange, with the benchmark indices, on both the BSE and the NSE losing 140 and 34 points respectively at the close of Friday’s trading.

The BSE Sensex opened little changed at 4261.81 points, and touched a high of 4277.36 points, before distress selling by operators pulled it down to a low of 4118.09, before closing at 4122.16, a loss of 140.39 points (3.29 per cent). Nifty also lost heavily, shedding 34.55 points (down 2.55 per cent) at 1320.45 points compared to Thursday's close of 1355.10 points.

Dealers say bourses, which were already under pressure for the past three consecutive sessions, following the NASDAQ meltdown, have got further dampened with the bleak pre-budget economic outlook. It warned of a continued slowdown in the growth rate in the coming fiscal and has recommended drastic budgetary measures to cut the fiscal deficit and to expedite the pace of economic reforms.
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