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Glaxo bids to raise stake in Indian unit


British pharmaceutical group GlaxoSmithKline said on Monday that it had placed an offer to buy more shares in its Indian subsidiary, in which it already owns a majority interest.

GSK is to raise its holding in GlaxoSmithKline Pharmaceuticals Limited to 75 percent from 50.7 percent at a cost of about £629 million ($1.03 billion, 746 million euros), a company statement said.

"For GSK this transaction will increase exposure to a strategically important market, and for our Indian pharmaceuticals subsidiary's shareholders we believe it offers a good liquidity opportunity at an attractive premium," GSK Chief Strategy Officer David Redfern said in the statement.