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GSK to infuse Rs 5,220 crore in India unit

26 November 2012

press trust of india
NEW DELHI, 26 NOV: UK-based healthcare major GlaxoSmithKline today announced plans to infuse about Rs 5,220 crore in its Indian subsidiary GlaxoSmithKline Consumer Healthcare (GSKCH) by increasing stake to 75 per cent from 43.2 per cent at present.
GlaxoSmithKline will come out with an open offer to buy an additional 31.8 per cent stake at a price of Rs 3,900 a share.
The open offer is at a premium of about 28 per cent to GSKCH's closing share price on the National Stock Exchange last Friday, the company said.
The offer price is 28.15 per cent higher than Friday's closing price of Rs 3,043.2 a share on the Bombay Stock Exchange. GlaxoSmithKline is likely to launch the offer in January next year, according to sources.
Stock markets cheered the announcement as GSKCH shares soared 20 per cent to Rs 3,651.80 on the BSE.
“GlaxoSmithKline has announced a voluntary open offer to increase its stake in its publicly-listed consumer healthcare subsidiary in India (GlaxoSmithKline Consumer Healthcare) from 43.2 per cent to up to 75 per cent at a price of Rs 3,900 per share,” the company said in a statement.
The potential total value of the transaction at the offer price is approximately Rs 5,220 crore, it added.