GSK, Horlicks To Sell 5.69% Stake in Hindustan Unilever Worth USD 3.3 Bn
- 07-May-2020 12:00 PM
- Journalist: Timothy Greene
On Thursday, GlaxoSmithKline Pte and Horlicks announced that they will sell 5.69% stake in Hindustan Unilever Limited (HUL) in a deal valued nearly at $3.3 billion. HUL is planning to sell its 13.4 crore equity shares at a decided price band of INR 1,850 to INR 1,950 on Thursday. HUL, the country’s largest fast-moving consumer goods (FMCG) company, witnessed a fall of 1.57% in its shares on Wednesday, 6th May 2020. The base price is 8 per cent lower than Wednesday’s closing price of INR 2,009.85. GlaxoSmithKline Consumer Healthcare India merged with HUL in December 2018 through a deal signed worth INR 31,700 crore to acquire Horlicks and Boost. While the deal was signed in December 2018, all the necessary approvals were made in April this year. Based on transfer of HUL’s 4.39 shares to each share of GSK CH India, GSK Plc. is holding 5.7% stake in HUL.