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Markets :: Fine Chemicals/Biotech :: Pharmaceutical ingredients

GSK to spend $1 billion on raising stake in Indian subsidiary

3:40 AM MST | December 16, 2013 | Natasha Alperowicz

GlaxoSmithKline (GSK) today announced an offer to increase its stake in its publicly listed pharmaceutical subsidiary in India, GlaxoSmithKline Pharmaceuticals Ltd., from 50.7% to 75% at a price of 3,100 Indian rupee/share ($50.21). GSK intends to keep the company listed. Securities regulations in India require a minimum public shareholding of 25% for a company to maintain a public listing.   The offer is for the acquisition of up to 20,609,775 shares, representing 24.3% of the total outstanding shares of the Indian company. The offer represents a premium of...

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