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GlaxoSmithKline to raise stake in Indian arm to 75%

27 Nov 2012 Evaluate

London-based GlaxoSmithKline on Monday launched $940-million open offer to hike its stake in its consumer products company in India -GlaxoSmithKline Consumer Healthcare - from 43.2% to 75%. GSK would pay Rs 3,900 a piece to the shareholders tendering their shares in the open offer, which would begin in January next year. London based company has launched a similar open offer in GlaxoSmithKline ConsumerNigeria Plc to increase its stake to 80%.

The transaction for the consumer products firm would be funded through GSK’s existing cash wealth. It would be earnings-neutral for the first year and accretive thereafter, and will not impact GSK’s long-term share buyback plans.

GSK Consumer Healthcare sells products under brands including, Horlicks, Boost, Viva and Maltova. In over the counter category, it sells Crocin, Eno and Iodex.

Glaxo.Cons. Health Share Price

9696.40 0.00 (0.00%)
15-Apr-2020 18:01 View Price Chart
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