JOIN USUK-based GlaxoSmithKline Plc (GSK) on Monday said it increased its stake in its Indian arm to 75 per cent following the successful completion of a Rs 6,400 crore open offer.
“...following the voluntary open offer undertaken by its subsidiary, GlaxoSmithKline Pte Ltd, GSK has successfully increased its stake in its publicly listed pharmaceuticals subsidiary in India (GlaxoSmithKline Pharmaceuticals Ltd), from 50.7 per cent to 75 per cent,” GSK said in a statement.
GSK Pharmaceuticals will remain publicly listed, it added.
The offer of Rs 3,100 per share values the transaction at about Rs 64 billion or £625 million (based on prevailing foreign exchange rates), it said.
“We are very pleased with the outcome of this transaction, which further increases our exposure to a strategically important market,” GSK Chief Strategy Officer David Redfern said.
It is a significant vote of confidence in the growth prospects of the company’s pharmaceuticals business in India and underlines GSK’s long-standing commitment to the country, he added.