GlaxoSmithKline raises stake in Indian arm from 43.2 to 72.5%
6 Feb 2013 5:40 AM IST
Drug major GlaxoSmithKline Plc (GSK) has increased stake in its Indian subsidiary GlaxoSmithKline Consumer Healthcare Ltd to 72.5 per cent in a transaction worth Rs 4,800 crore.
In a statement, GSK said pursuant to the voluntary open offer undertaken by its subsidiary, GlaxoSmithKline Pte Ltd, it has increased its stake in GlaxoSmithKline Consumer Healthcare Ltd, its publicly-listed consumer healthcare subsidiary in India, from 43.2 per cent to 72.5 per cent. 'We are very pleased with the outcome of this transaction, which will further increase our exposure to a key emerging market,' GSK Chief Strategy Officer David Redfern said.
He further added that 'It is a significant vote of confidence in the long-term growth prospects of our consumer healthcare business in India.' During the offer period, which commenced on 17 January 2013 and closed on 30 January shareholders of GlaxoSmithKline Ltd validly tendered about 1.23 crore shares representing 29.3 per cent of the total shares outstanding, the company said.
In a statement, GSK said pursuant to the voluntary open offer undertaken by its subsidiary, GlaxoSmithKline Pte Ltd, it has increased its stake in GlaxoSmithKline Consumer Healthcare Ltd, its publicly-listed consumer healthcare subsidiary in India, from 43.2 per cent to 72.5 per cent. 'We are very pleased with the outcome of this transaction, which will further increase our exposure to a key emerging market,' GSK Chief Strategy Officer David Redfern said.
He further added that 'It is a significant vote of confidence in the long-term growth prospects of our consumer healthcare business in India.' During the offer period, which commenced on 17 January 2013 and closed on 30 January shareholders of GlaxoSmithKline Ltd validly tendered about 1.23 crore shares representing 29.3 per cent of the total shares outstanding, the company said.
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