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Glaxosmithkline Plc Increases Stake in GlaxoSmithKline Consumer Healthcare Ltd


Tuesday, 5 Feb 2013 02:30am EST 

Glaxosmithkline Plc (GSK) 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%. During the offer period, which commenced on January 17, 2013 and closed on January 30, 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 GBP 568 million (based on prevailing foreign exchange rates). The final payment for shares tendered and accepted will be completed on or before February 13, 2013, at which point GlaxoSmithKline Pte. Ltd would acquire full beneficial ownership of the shares tendered in the Open Offer.