GSK exits HUL, sells 5.7 pc stake for Rs 25,480 cr

GlaxoSmithKline Plc (GSK) on Thursday said it has offloaded its 5.7 per cent stake in Indian FMCG major Hindustan Unilever for around Rs 25,480 crore.

The company had received the shares as part of the scheme of merger of its subsidiary GlaxoSmithKline Consumer Healthcare Limited (GSK India) with Hindustan Unilever Limited (HUL).

"GSK has, through its subsidiaries GlaxoSmithKline Pte Ltd and Horlicks Limited, today agreed to the sale of 13.37 crore ordinary shares in HUL at a volume-weighted average price of approximately Rs 1,905 per share, raising gross proceeds of approximately Rs 254.8 billion," GSK said in a statement.

"Following settlement of the sale, GSK will no longer hold any HUL shares," it added.

As per reports, this is largest block trade ever to have been carried out in the Indian equity market.

On April 1, 2020, GSK had announced the completion of its divestment of its popular healthcare drink brand Horlicks and other consumer healthcare nutrition products in India to ..