GSK Puts Up $900M To Boost Stake In Indian Unit

Law360, New York (February 5, 2013, 2:34 PM EST) -- British health care titan GlaxoSmithKline PLC has acquired a majority stake in its Indian consumer health care subsidiary for roughly 48 billion rupees ($900 million) after completing a two-week open stock offer, GSK said Tuesday.

GSK, which had previously owned 43.2 percent of Indian subsidiary GlaxoSmithKline Consumer Healthcare Ltd., increased its share to 72.5 percent after stakeholders in the subsidiary tendered more than 12.3 million shares in response to the offer.

The offer period opened on Jan. 17 and closed on Jan. 30, GSK said. The...
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