Shares of Hindustan Unilever (HUL) will be in focus as GlaxoSmithKline Pte and Horlicks will reportedly sell 5.69% stake in the FMCG major in a deal valued at Rs 24,750 crore or nearly $3.3 billion.
A total of 13.4 crore equity shares would be reportedly sold in bulk deals in a price band of Rs 1,850 to Rs 1,950 today, 7 May 2020. The base price is nearly 8% lower than Wednesday's closing price of Rs 2,009.85. Shares of HUL fell 1.57% to Rs 2,009.85 on Wednesday, 6 May 2020.
In December 2018, HUL approved the merger of GlaxoSmithKline Consumer Healthcare India with the company, in a deal worth Rs 31,700 crore to acquire Horlicks and Boost, among other health food drinks.
The all-equity merger transaction saw shareholders of GSK CH India getting 4.39 shares of HUL for every one share of GSK CH India. That, in turn, led to GSK Plc. holding 5.7% in HUL.
HUL is engaged in fast-moving consumer goods business comprising home, beauty and personal care, foods and refreshment.
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