GSK Increases Stake in its Publicly-Listed Consumer Healthcare Subsidiary in India
GlaxoSmithKline plc has announced that, pursuant to the voluntary open offer undertaken by its subsidiary, GlaxoSmithKline Pte. Ltd, GSK has successfully increased its stake in GlaxoSmithKline Consumer Healthcare Ltd, its publicly-listed Consumer Healthcare subsidiary in India, from 43.2% to 72.5%.
5 Feb 2013 --- 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 17 January 2013 and closed on 30 January 2013, shareholders of GlaxoSmithKline Consumer Healthcare Ltd validly tendered 12,319,749 shares representing 29.3% 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 13 February 2013, at which point GlaxoSmithKline Pte. Ltd would acquire full beneficial ownership of the shares tendered in the Open Offer.
The open offer was first announced on 26 November 2012 and is being managed by HSBC Securities and Capital Markets (India) Private Limited.
