GlaxoSmithKline (GSK) has increased its stake in its pharmaceuticals subsidiary in India from 50.7 to 75 per cent following an open offer. The transaction was valued at approximately £625m.The group said the move would increase its exposure to a "strategically important market". "It is a significant vote of confidence in the future growth prospects of our Pharmaceuticals business in India and underlines GSK's long-standing commitment to the country," David Redfern, the group's Chief Strategy Officer, added. The subsidiary, GlaxoSmithKline Pte, accepted around 20.61m shares from the shareholders of GlaxoSmithKline Pharmaceuticals, representing 24.33% of the total shares outstanding through the open offer. The final payment for shares tendered and accepted was expected to be completed by March 20th 2014.NR