Axis Capital Limited ("Manager to the Offer") has submitted to BSE a copy of Public Announcement for the attention of the Public Shareholders of Novartis India Ltd under Regulation 3(1) ....
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Novartis AG, the Swiss parent and current promoter holding 70.68% of Novartis India Ltd, has signed a Share Purchase Agreement (SPA) on February 19, 2026 to sell its entire stake to the ChrysCapital group (WaveRise Investments, ChrysCapital Fund X, and Two Infinity Partners) for about Rs 1,445.89 crore. As required by SEBI takeover rules, the acquirers have triggered a mandatory open offer to buy an additional 26% (up to 64.19 lakh shares) from public shareholders at Rs 860.64 per share, amounting to Rs 552.49 crore in total. Post-transaction, Novartis AG will exit and be reclassified as a public shareholder, the acquirers will gain control and become promoters, the company name will be changed, and the board will be reconstituted. The acquirers have stated no intention to delist the company, which will continue to trade on BSE.
Public shareholders can tender their shares at Rs 860.64 per share during the open offer window, or hold for potential longer-term value under the new ChrysCapital-led promoter group. The stock may see activity around the offer price, and the change of control from a global pharma major to a PE-led Indian promoter group could shift investor sentiment depending on future strategic direction.