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GlaxoSmithKline Plc has increased its stake in the Indian subsidiary GlaxoSmithKline Consumer Healthcare to 72.5 per cent from 43.2 per cent. This was done post the open offer undertaken by its subsidiary GlaxoSmithKline Pte Ltd.
In an announcement at the London Stock Exchange, David Redfern Chief Strategy Officer GSK said, "We are very pleased with the outcome of this transaction which will further increase our exposure to a key emerging market. 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 January 17 to January 30), shareholders of GSK Consumer Healthcare, validly tendered 1.23 crore shares representing 29.3 per cent of the total shares outstanding. The offer of Rs 3,900 a share values the transaction at Rs 4,800 crore or (pounds) 568 million," the statement added.
It also said the final payment for shares tendered and accepted will be completed by February 13, at which point GlaxoSmithKline Pte would acquire full beneficial ownership of the shares tendered in the open offer. The open offer which was first announced on November 26 is being managed by HSBC Securities and Capital Market (India).
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