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.
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.
