Britain's biggest drugmaker first announced plans to lift the holding in GlaxoSmithKline Pharmaceuticals from 50.7 percent in December. It held an open offer to buy the extra shares at 3,100 rupees each from February 18 to March 5.
GlaxoSmithKline said on Monday it had paid Rs 6400 crore to increase its stake in its Indian pharmaceuticals unit to 75 percent, as it banks on rising demand for medicines in emerging markets.
Britain's biggest drugmaker first announced plans to lift the holding in GlaxoSmithKline Pharmaceuticals from 50.7 percent in December. It held an open offer to buy the extra shares at Rs 3,100 each from February 18 to March 5 .
Final payment for shares tendered and accepted will be completed by March 20, GSK added.
David Redfern, GSK's chief strategy officer, said the decision to increase exposure to the Indian market was "a significant vote of confidence" in growth prospects for its business in India.
GSK, which has had a presence in India for 90 years, is keen to secure a bigger share of India's growing USD 14 billion-a-year market, which it views as promising despite recent moves to impose price cuts and limit patents on some medicines.
The open offer was managed by HSBC.
GlaxoSmithKline stock price
On March 10, 2014, at 14:32 hrs GlaxoSmithKline Pharmaceuticals was quoting at Rs 2524.95, down Rs 124.35, or 4.69 percent. The 52-week high of the share was Rs 3054.40 and the 52-week low was Rs 2100.00.
The company's trailing 12-month (TTM) EPS was at Rs 59.25 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 42.62. The latest book value of the company is Rs 296.55 per share. At current value, the price-to-book value of the company is 8.51.
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