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Novartis India Limited has received a Letter of Offer for a mandatory open offer to acquire up to 26% of its voting share capital at INR 860.64 per share. This follows an agreement by WaveRise Investments, ChrysCapital Fund X, and Two Infinity Partners, with persons acting in concert, to acquire 70.68% equity from Novartis AG. The total consideration for this open offer, if fully accepted, is approximately 552.49 Crore. The transaction will result in the new acquirers becoming promoters, with Novartis AG ceasing to be one. The new management plans to support sustained business growth and may explore various shareholder returns.