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GlaxoSmithKline (GSK) Ponies Up $1 Billion To Lift Indian Stake To 75 Percent


3/10/2014 8:12:58 AM

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(Reuters) - GlaxoSmithKline said on Monday it had paid 64 billion rupees ($1.05 billion) to increase its stake in its Indian pharmaceuticals unit to 75 percent, as it banks on rising demand for medicines in emerging markets.

Britain's biggest drugmaker first announced plans to lift the holding in GlaxoSmithKline Pharmaceuticals from 50.7 percent in December. It held an open offer to buy the extra shares at 3,100 rupees each from Feb. 18 to March 5.

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