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GSK to sell $3.9 billion stake in HUL

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MUMBAI : GlaxoSmithKline Plc (GSK) will soon begin selling its stake in Hindustan Unilever Ltd (HUL) estimated to be worth almost ₹29,850 crore ($3.9 billion), a person aware of the development said.

GSK received the shares earlier this month in return for the sale of its Indian consumer business to HUL. The two multinational giants had announced the all-share deal worth ₹31,700 crore ($3.8 billion) in December 2018.

Bloomberg first reported on Wednesday that GSK was in discussions with its advisers on when to launch the transaction. In a statement on 1 April, Glaxo said HUL has paid it an extra ₹3,045 crore (approximately $400 million) crore to acquire the Horlicks brand for India, after seeking approval from the board of HUL, exercising

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