Consortium Seeks 26% Stake in Novartis India Limited via Open Offer; Price Set at INR 860.64
A group of acquirers, comprising several international investment vehicles and domestic firms, has launched an open offer to acquire up to 64,19,608 fully paid-up equity shares of Novartis India Limited from public shareholders. The offering aims to secure a stake representing 26% of the Target Company's Voting Share Capital at an offer price of INR 860.64 per share.The open offer was initiated following the signing of a Share Purchase Agreement (SPA) with Novartis AG, the current promoter and seller, aiming to acquire over 25% of the equity capital along with control over the Target Company. This mandate necessitates an open offer in compliance with SEBI regulations.
Key Transaction Details
The consortium includes five entities: WaveRise Investments Limited (Acquirer 1), ChrysCapital Fund X (Acquirer 2), Two Infinity Partners (Acquirer 3), ChrysCapital X, LLC (PAC 1), and OceanEdge Investments Limited (PAC 2). The open offer is designed to acquire a portion of the equity shares currently held by Novartis AG.| Detail | Specification |
|---|---|
| Target Company | Novartis India Limited |
| Total Offer Shares | Up to 64,19,608 Equity Shares |
| Acquired Stake | 26% of the Voting Share Capital |
| Face Value per Share | INR 5 |
| Offer Price | INR 860.64 per Offer Share |
| Maximum Consideration (at full acceptance) | INR 552,49,71,429.12 |
| Identified Date | May 27, 2026 |
Financial Arrangements and Pricing Justification
The offer price of INR 860.64 per share has been certified as the minimum required offer price under SEBI (SAST) Regulations, based on a comprehensive evaluation of market trading data for Novartis India Limited during the relevant period.In terms of financial arrangements, Acquirer 1 provided an unconditional bank guarantee valued at INR 130,25,00,000, which is in excess of regulatory requirements set forth under SEBI (SAST) Regulations. Furthermore, a cash deposit of INR 5,57,00,000 was made into the dedicated escrow account managed by The Hongkong and Shanghai Banking Corporation Limited.
Background of the Acquirers
The consortium involves multiple investment funds and holding vehicles from the ChrysCapital Group, aimed at securing investments in the pharmaceutical sector.Acquirer 1: WaveRise Investments Limited
WaveRise Investments Limited is a private limited company incorporated under Mauritius laws and is held as an indirect subsidiary by PAC 1 (ChrysCapital X, LLC). As of the latest reported financials, Acquirer 1 registered a net loss of INR 0.29 crore for the calendar year ended December 31, 2025.
Acquirer 2: ChrysCapital Fund X
This Category II alternative investment fund is part of the ChrysCapital Group and focuses on equity and buyout investments in companies tied to the Indian subcontinent. The management team associated with Acquirer 2 includes partners from ChrysCapital Advisors LLP who possess experience across international financial services and industrial sectors.
Acquirer 3: Two Infinity Partners
Acquirer 3 is a partnership firm also belonging to the ChrysCapital Group, operating under Indian laws. Its key partners have diverse experience in investment management and pharmaceutical industry oversight.
PACs (Principals of the Open Offer): PAC 1 & PAC 2
The PACs include ChrysCapital X, LLC and OceanEdge Investments Limited, both registered under Mauritius law. The ChrysCapital Group leverages its extensive domain expertise within the healthcare and life sciences sector in India for its investments, intending to leverage this experience to support the growth of Novartis India Limited post-acquisition.
Offer Period and Terms
The open offer is not conditional on any minimum acceptance level and is stated as non-competing. The Tendering Period for acquiring the equity shares is scheduled from June 11, 2026, to June 24, 2026.The public shareholders are advised that they must obtain all necessary approvals, including those from the RBI if applicable, to tender their shares. Furthermore, in case of any upward revision in the Offer Price or Offer Size prior to the Tendering Period commencement, corresponding steps including a public announcement and escrow amount increase must be undertaken by the Acquirers and PACs.
NOVARTIND Stock Price Movement
As of 10:27 AM, shares of Novartis India Limited are slipping by 5.52% in live trading, with the stock currently priced at ₹1384.6. The pharmaceutical equity has seen 8,569 shares change hands during the current market session.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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