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GlaxoSmithKline Plc (GSK) is likely to sell its 5.7 per cent stake in Hindustan Unilever Ltd via block deals at a price band of ₹1,850 - 1,950 per share.
The deal value is likely to be between $3.2-3.4 billion, the company said in a statement on Wednesday, said CNBC TV18 in a report.
GSK is expected to sell the stake on May 7 and the expected settlement date for the transaction will be May 11, Moneycontrol said in a report.
Morgan Stanley, HSBC and JPMorgan will be the advisors to the deal, the CNBC TV18 report said.
HUL had last month informed the stock exchanges that it would be allotting 18.64 crore of its shares to GSK Consumer Healthcare shareholders under the pre-agreed ratio of 439 HUL shares for every 100 GSK shares, the report said.
This merger of HUL and GSK was announced on December 3, 2018 and was subject to obtaining necessary approvals, which was completed in April 2020. This marked one of the largest deals in the FMCG sector in recent times.
Bloomberg had reported last week that GSK is preparing to start a sale of its $3.7 billion stake in HUL.
The Hindu Business Line could not independently verify the development.
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