The drug maker received the stake, valued at $3.7 billion as of Wednesday, 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 ($3.6 billion) in cash and shares in HUL. As part of the transaction, Glaxo received a 5.7% stake in the Indian unit. Shares of HUL extended losses to 2.5% Wednesday after the Bloomberg News
The Nifty index rose 1.8% above Tuesday’s close.
No final decision has been taken on the timing of the proposed trades, and Glaxo could decide to postpone the sale depending on market conditions and investor demand, the people said.