Novartis India Ltd — Important, 01-01-1970: Company Update

Acquirers WaveRise Investments, ChrysCapital Fund X, and Two Infinity Partners (with ChrysCapital X, LLC and OceanEdge Investments as persons acting in concert) have announced an open offer for Novartis India Limited. They seek to acquire 26% of voting capital, or 6.42 Cr shares, at INR 860.64 each, valuing the offer at approximately INR 552.50 Cr. This follows their initial agreement to buy 70.68% for approximately INR 1445.89 Cr, targeting around 96.68% ownership. The tender period for this offer is from April 21 to May 5. Acquirers intend to become promoters, support the pharmaceutical business's growth, and may consider future buybacks. Independent directors will provide their assessment to public shareholders.