Novartis India shares soar 20% as Swiss parent plans full exit in Rs 1,446 cr deal
Shares of pharmaceutical company Novartis India zoomed up to 18% on Friday morning to Rs 979.95 per share after its Swiss parent Novartis AG said it would sell its entire 70.68% stake in its listed Indian unit for about Rs 1,446 crore to a new set of investors.
A consortium of WaveRise Investments, ChrysCapital, and Two Infinity Partners signed an agreement to buy the stake from the parent entity for Rs 860.64 per share, an exchange filing showed, representing a 3.6% premium to its closing price on Thursday.
The companies have also made an offer to purchase an additional 26% stake from Novartis India's public shareholders, under takeover regulations that mandate such an exercise on purchase of a shareholding of over 25%.
A consortium of WaveRise Investments, ChrysCapital, and Two Infinity Partners signed an agreement to buy the stake from the parent entity for Rs 860.64 per share, an exchange filing showed, representing a 3.6% premium to its closing price on Thursday.
The companies have also made an offer to purchase an additional 26% stake from Novartis India's public shareholders, under takeover regulations that mandate such an exercise on purchase of a shareholding of over 25%.
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