GSK Spends $1B On Additional Stake In India Pharma Unit

Law360, New York (March 10, 2014, 3:22 PM EDT) -- GlaxoSmithKline PLC has bumped up its stake in its Indian pharmaceuticals subsidiary GlaxoSmithKline Pharmaceuticals Ltd., revealing Sunday that it spent 64 billion rupees ($1.05 billion) to increase its clout in a market expected to see significant growth.

The investment took place under an open offer from Feb. 18 to March 5, and resulted in a buy of some 21 million shares, bouncing GSK's 50.7 percent stake to 75 percent. That is the maximum allowed for companies on the Bombay Stock Exchange, where the unit will stay...
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