GlaxoSmithKline Spends $900 Million to Raise Stake in Indian Consumer Unit
Published: Feb 05, 2013
GlaxoSmithKline Plc (GSK.L) has lifted its stake in its publicly-listed Indian consumer healthcare subsidiary to 72.5 percent from 43.2 percent, deepening its footprint in emerging markets and non-prescription products. David Redfern, GSK's chief strategy officer, said on Tuesday the transaction - valued at 48 billion Indian rupees or 568 million pounds - would further increase 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," he added. Britain's biggest drugmaker announced plans to acquire larger holdings in both its Indian and Nigerian consumer product businesses in November. GSK offered 3,900 rupees per share for stock in Indian-based GlaxoSmithKline Consumer Healthcare Ltd (GLSM.NS) during a tender period that ran from January 17 to January 30, with final payment due on or before February 13. The open offer was managed by HSBC.