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GSK to spend $1 billion to raise stake in Indian drugmaker unit

Reuters - UK Focus

MUMBAI, Dec 16 (Reuters) - GlaxoSmithKline Plc (Other OTC: GLAXF - news) (GSK) said on Monday it plans to raise its stake in its Indian pharmaceutical unit to up to 75 percent from 50.7 percent, through an open offer, in a deal worth about 629 million pounds ($1.02 billion).

GSK will buy up to 20.6 million shares of GlaxoSmithKline (Berlin: GS7.BE - news) Pharmaceutical Ltd at 3,100 rupees a share, a premium of 26 percent over its market price on Friday, the company said in a statement.

The British drugmaker said it plans to keep the Indian unit listed even after raising the stake.

As per Indian regulations, promoters of stock exchange-listed companies can hold up to a maximum of 75 percent stake. If the promoter shareholding rises beyond 75 percent, then the company has to be de-listed from the bourses.

In February, GSK lifted its stake in its publicly-listed Indian consumer healthcare subsidiary to 72.5 percent from 43.2 percent for $901 million, deepening its footprint in emerging markets and non-prescription products.