GSK offers $1 billion to raise stake in Indian unit

The UK-listed group offers to raise its stake in GlaxoSmithKline Pharmaceuticals, its Indian drug unit, boosting its investment in the country.

GlaxoSmithKline GSK on Monday became the latest multinational to boost its investments in India, with a 629 million $1 billion offer to increase its stake in its India-listed drug unit

The UK-listed pharmaceuticals group is offering Rp3100 per share in GlaxoSmithKline Pharmaceuticals, a premium of about 26% to the stock's December 13 close on the National Stock Exchange of India, taking its stake from 50.7% to as much as 75%. 

Earlier this year, GSK raised its stake in another Indian listed unit - GlaxoSmithKline Consumer Healthcare - from 43% to 72.5% for about $900 million.

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