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Glaxo bids to raise stake in Indian unit

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(Globalpost/GlobalPost)

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.

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http://www.globalpost.com/dispatch/news/afp/131216/glaxo-bids-raise-stake-indian-unit