May 7, 2020 / 7:04 AM / in a month

BRIEF-GSK To Sell Its Stake In Hindustan Unilever For 3.4 Bln Stg

May 7 (Reuters) - GlaxoSmithKline Plc:

* GLAXOSMITHKLINE PLC - GSK SELLS ITS HOLDING IN HINDUSTAN UNILEVER

* GSK - AGREED TO SALE OF 133,772,044 ORDINARY SHARES IN HUL

* GSK - THROUGH MERGER OF GSK INDIA WITH HUL, GSK ACQUIRED A 5.7% STAKE IN HUL

* GSK - AGREED TO SALE OF 133,772,044 ORDINARY SHARES IN HUL AT A VOLUME-WEIGHTED AVERAGE PRICE OF APPROXIMATELY RS. 1,905 PER SHARE

* GSK - SALE AT A VOLUME-WEIGHTED AVERAGE PRICE OF APPROXIMATELY RS. 1,905 PER SHARE

* GSK - PROPOSED DEAL FOR GROSS PROCEEDS OF APPROXIMATELY RS. 254.8 BILLION

* GSK - NOW EXPECTS GROSS PROCEEDS FROM DIVESTMENT TO BE £3.4 BILLION

* GSK - GSK NOW EXPECTS GROSS PROCEEDS FROM DIVESTMENT TO BE £3.4 BILLION AND NET PROCEEDS FROM DIVESTMENT TO BE £2.9 BILLION

* GSK - PROPOSED DEAL FOLLOWING SETTLEMENT OF SALE, GSK WILL NO LONGER HOLD ANY HUL SHARES.

* GSK - HSBC SECURITIES AND CAPITAL MARKETS, J.P. MORGAN INDIA, MORGAN STANLEY INDIA ACTING AS JOINT PLACEMENT AGENTS FOR PLACING Source text for Eikon: Further company coverage:

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