The UPA II Govt on Thursday Feb 20,2014 cleared Rs. 6,400 crore FDI
proposal of global healthcare company GlaxoSmithKline to acquire
additional 24.33 % stake in its India arm which is valued at 6400 crores
The
Cabinet Committee on Economic Affairs (CCEA) has approved the proposal
of GlaxoSmithKline Pte Limited, Singapore for acquisition of 24.33
percent shares in existing Indian subsidiary company of GSK Group.
The said acquisition “would be done by way of a voluntary open offer under SEBI (SAST Regulations) in the pharmaceutical sector
GlaxoSmithKline Pharmaceuticals is already majority owned and controlled by the GSK Group.
After
the purchase, holding of the promoter group firm in the Indian
subsidiary will go up to 75 per cent from the current level of 50.67%
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