GSK raises stake in Indian consumer unit to 72.5 percent

Last Updated: Tue, Feb 05, 2013 10:30 hrs

New Delhi, Feb 5 (IANS) GlaxoSmithKline (GSK), Britain's biggest drugmaker, Tuesday said it has raised stake in its publicly-listed Indian consumer healthcare subsidiary to 72.5 percent from 43.2 percent.

GSK said it had bought 12,319,749 shares representing 29.3 percent of the total shares outstanding of its GlaxoSmithKline Consumer Healthcare through an open offer held Jan 17-30 this year.

"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," David Redfern, chief strategy officer, GSK, said in a statement from London.

The open offer was managed by HSBC Securities and Capital Markets (India) Private Limited.

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