New Delhi: British company GlaxoSmithKline (GSK) has sold its 5.7 percent stake in Hindustan Unilever (HU) for about Rs 25,480 crore ($ 3.35 billion). The company has done this through a block deal in the stock market. However, the buyer’s name has not been revealed yet.
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Horlicks brand of GSK is very popular. According to news agency Reuters, GlaxoSmithKline has given information about Thursday’s sale. With the proceeds from this sale, the company will be able to focus on the development of medicines. In the year 2018, GSK got this share of 5.7 per cent in Hindustan Unilever to sell its malted drinks and another nutrition brand Unilever.
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GlaxoSmithKline has said that it has sold 13.37 crore shares of HU on an average of 1905 rupees. This is the biggest block deal ever made in India. Earlier, the biggest block deal was that of Daiichi Sankyo and Sun Pharma, when Daiichi Sanki sold its stake in Sun Pharma in 2015 for about $ 3.18 billion.
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