Novartis AG has entered into an agreement to sell 1.74 crore shares, or 70.68% of Novartis India, to investors led by ChrysCapital. Novartis India later posted a 4.81% weekly gain even as quarterly profit and net sales declined.
Novartis agreed to sell its 70.68% stake in Novartis India Ltd. for 14.46 billion rupees. The buyers also launched a 26% open offer at 860.84 rupees per share.
Novartis AG sells 70.7% stake in its Indian unit to a private equity consortium led by WaveRise Investments for $159 million, marking a complete exit from the listed subsidiary while retaining its commercial operations.
Novartis AG sells its entire 70.68% stake in Novartis India Ltd. for $159 million to a consortium of investors, concluding a two-year strategic review while maintaining operations through its wholly-owned Indian subsidiary.
Novartis India shares hit upper circuit after Swiss parent agreed to sell 70.68% stake to ChrysCapital-led consortium for Rs 1,445.89 crore. Meanwhile, Novartis AG shares have returned 35.5% over one year, trading at CHF126.46.
Swiss pharmaceutical major Novartis AG has signed a definitive agreement to sell its entire 70.68% stake in Novartis India to a ChrysCapital-led consortium for Rs 1,446 crore, with a mandatory open offer for an additional 26% from public shareholders.
Novartis AG agreed to sell its entire 70.68% stake in Novartis India to a consortium led by WaveRise Investments, ChrysCapital, and Two Infinity Partners for approximately ₹1,446 crore, triggering a mandatory open offer at ₹860.64 per share.
Swiss drugmaker Novartis will sell its entire 70.68% stake in its listed Indian unit to a private equity consortium for $159 million as part of broader global restructuring. Shares of Novartis India surged nearly 20% following the announcement.
