MUMBAI: GlaxoSmithKline Plc (GSK) on Thursday sold a part of its 5.7% stake in fast moving consumer goods (FMCG) major Hindustan Unilever Ltd (HUL) in multiple block trades on the stock exchanges.
According to Bloomberg, 90 million shares of HUL were traded in six bunches on the stock exchanges today morning, representing around 3.8% stake.
The value of the shares traded could be worth over Rs18,000 crore, as of Wednesday’s closing price.
The names of the buyers could not be immediately ascertained.
On 29 April, Mint had reported that GSK will soon start selling its stake in HUL for an estimated value of ?29,850 crore ($3.9 billion).
In early April, GSK received HUL’s shares in return of the sale of its Indian consumer business, GlaxoSmithKline Consumer Healthcare Ltd, to HUL. The two multinational giants had announced the all-share deal worth ?31,700 crore ($3.8 billion) in December 2018.
GSK owned 133 million shares or 5.7% stake in HUL, before today’s trades.
At 10:35 am, HUL traded at Rs1,959 per share, down 2.53% from its previous close, while the benchmark Sensex lost 0.51% to 31,524 points.
News Source:- livemint