Acquirers Announce Mandatory Open Offer for Novartis India Ltd., Seeking 26% of Shares at INR 860.64 per Share

Acquirers Announce Mandatory Open Offer for Novartis India Ltd., Seeking 26% of Shares at INR 860.64 per Share​

The market is focused on the mandatory open offer initiated by a consortium of investors to acquire a significant stake in pharmaceutical giant Novartis India Limited. WaveRise Investments Limited, ChrysCapital Fund X, and Two Infinity Partners—collectively referred to as the Acquirers—have launched the open offer to acquire up to 64,19,608 Equity Shares of Novartis India Ltd., representing 26% of the company's Voting Share Capital.

The open offer is part of a larger transaction agreed upon under a Share Purchase Agreement (SPA) executed between the Acquirers and Novartis AG, the seller of the acquisition shares in Novartis India Limited. This mandatory open offer allows public shareholders to participate in the proposed changes to the corporate control of the Target Company.

The Offer Price for the Equity Shares has been set at INR 860.64 (Indian Rupees Eight Hundred Sixty Point Six Four) per Offer Share. Assuming full acceptance of the Open Offer, the total consideration payable by the Acquirers is estimated at INR 552,49,71,429.12.

Key Details of the Open Offer​

The transaction details and offer parameters are summarized below:

Acquirers and Transaction Background​

The Open Offer is mandated under the SEBI (SAST) Regulations due to the intent by the Acquirers and their associated entities to acquire more than 25% of the equity share capital and gain control over Novartis India Limited. The acquisition aims to secure a strategic investment in the pharmaceutical sector, allowing the consortium to support the continued growth of the Target Company.

The Acquirers include:

• WaveRise Investments Limited (Acquirer 1): A private limited company incorporated under the laws of Mauritius.
• ChrysCapital Fund X (Acquirer 2): A scheme of ChrysCapital Trust I, a Category II alternative investment fund registered with SEBI.
• Two Infinity Partners (Acquirer 3): A partnership firm operating under Indian law.

The Acquirers and associated entities have provided requisite financial commitments and arrangements to fulfil their payment obligations under the Open Offer, which were certified by B.B & Associates, Chartered Accountants. Furthermore, a bank guarantee of INR 130,25,00,000 and a cash deposit of INR 5,57,00,000 have been made into the designated Escrow Account for security purposes.

The Tendering Period for the Open Offer is slated to commence on June 11, 2026, and conclude on June 24, 2026. Public shareholders are advised that all transactions must be conducted through the Registrar to the Offer, MUFG Intime India Private Limited.

NOVARTIND Stock Price Movement​

Today, shares of Novartis India Limited edged higher to close at ₹1353, achieving a gain of 2.41% in the post-market session. The stock saw trading activity across 33,136 shares after completing its day range, which spanned from a low of ₹1272.1.