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Glaxosmithkline Plc Initiates Voluntary Open Offer To Increase Stake In GlaxoSmithKline Consumer Healthcare Ltd


Monday, 26 Nov 2012 02:00am EST 

Glaxosmithkline Plc announced a Voluntary Open Offer to increase stake in publicly-listed Consumer Healthcare subsidiary in India (GlaxoSmithKline Consumer Healthcare Ltd, the Company) from 43.2% to up to 75% at a price of INR3,900 per share. Securities regulations in India require a minimum public shareholding of 25% for a company to maintain a public listing in the country. The Offer, which is made pursuant to the rules of the Securities and Exchange Board of India, is to acquire up to 13,389,410 shares, representing 31.8% of the total outstanding shares of the Indian Company. The potential total value of the transaction at the Offer price is approximately INR52.2 billion or GBP591 million. The transaction will be funded through GSK's existing cash resources. The offer period is expected to begin in January 2013. 

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1474.5
11.5 +0.79%
29 Aug 2014