GSK Seeks To Up Stake In Indian Unit By $1B

Law360, New York (December 16, 2013, 5:22 PM EST) -- GlaxoSmithKline PLC on Monday offered to spend approximately $1 billion to increase its stake in its publicly listed pharmaceuticals subsidiary in India, GlaxoSmithKline Pharmaceuticals Ltd., from 50.7 to up to 75 percent at a price of 3,100 rupees ($50.26) per share.

GSK initiated a voluntary open offer to acquire up to 20.6 million shares, representing 24.3 percent of the total outstanding shares, in the Indian unit to take advantage of growing demand for drugs in the Indian market, the London-based company said in a statement....
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