UK drug maker GlaxoSmithKline Plc (LON:GSK) said today it had increased its stake in its Indian unit GlaxoSmithKline Consumer Healthcare Ltd to 72.5% from 43.2%, as part of a voluntary tender offer launched by its subsidiary GlaxoSmithKline Pte Ltd.
During the offer period, which ran from 17 January to 30 January, some 12.3m shares of the target, or 29.3% of its total stock, were validly tendered. The buyer has proposed INR3,900 (USD73.23/EUR54.15) apiece, giving the deal a value of INR48bn (USD901.2m/EUR666.7m).
HSBC Securities and Capital Markets (India) Private Limited is managing the offer, which was originally unveiled on 26 November 2012. The final payment date is on or before 13 February, GSK said.
The transaction will allow GSK to further bolster its presence in India, which it considers a key emerging market, it added.
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