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

Novartis India is subject to a mandatory open offer for up to 64.19 lakh equity shares, representing 26% of its voting capital, at ₹860.64 per share. This follows an agreement where a consortium led by WaveRise Investments and ChrysCapital Fund X will acquire 1.74 crore shares (70.68%) from Novartis AG. The total consideration for the open offer is ₹552.49 Cr. Post-transaction, the acquirers and their group will hold 96.68% of the company, becoming its new promoters. They aim to support the company's growth, consider shareholder returns like buybacks or dividends, and may streamline operations, ensuring compliance with public shareholding norms. The company's name is also slated for a change.