(Bloomberg) -- GlaxoSmithKline Plc is selling its entire stake in Unilever's listed India unit for about $3.3 billion, according to terms seen by Bloomberg.
Glaxo and Horlicks Ltd. will together sell as many as 133.8 million shares in Hindustan Unilever Ltd. Prices will range between 1,850 rupees to 1,950 rupees a share, representing a discount of as much as 8% to Wednesday's close. Hindustan Unilever's stock fell 1.5% to 2,010.20 rupees in Mumbai on Wednesday.
The drugmaker received the stake as part of the payment for the sale of a portfolio of assets that was completed this month. In December 2018, Unilever said it would acquire the health food drinks brands of Glaxo in India and Bangladesh and other markets for 3.3 billion euros ($3.6 billion) in cash and shares in Hindustan Unilever. As part of the transaction, Glaxo received a 5.7% stake in the Indian unit.
Read more: Glaxo Said to Plan Sale of Unilever India Stake
Order books close at 11 p.m. in Hong Kong. JPMorgan Chase & Co., HSBC Holdings Plc and Morgan Stanley are the bookrunners.
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