GlaxoSmithKline is one of the world’s leading research-based pharmaceutical and healthcare companies
GlaxoSmithKline (GSK) has announced that, in pursuant to the voluntary open offer undertaken by its subsidiary, GSK has successfully increased its stake in GlaxoSmithKline Consumer Healthcare, its publicly-listed Consumer Healthcare subsidiary in India, from 43.2 percent to 72.5 percent.
Mr David Redfern, chief strategy officer, GSK said, "We are very pleased with the outcome of this transaction, which will further increase our exposure to a key emerging market. It is a significant vote of confidence in the long-term growth prospects of our Consumer Healthcare business in India."
During the offer period, which commenced on January 17, 2013 and closed on January 30, 2013, shareholders of GlaxoSmithKline Consumer Healthcare validly tendered 12,319,749 shares representing 29.3 percent of the total shares outstanding.
The offer of INR 3,900 per share values the transaction at approximately INR 48 billion or £568 million (based on prevailing foreign exchange rates). The final payment for shares tendered and accepted will be completed on or before February 13, 2013, at which point GlaxoSmithKline would acquire full beneficial ownership of the shares tendered in the open offer.
The open offer was first announced on November 26, 2012 and is being managed by HSBC Securities and Capital Markets (India).