Axis Capital Ltd ("Manager to the Open Offer") has submitted to BSE a copy Detailed Public Statement in terms of Regulation 3(1) and Regulation 4 read with Regulation 13(4), Regulation ....
NOVARTIND · price
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Axis Capital Ltd, acting as manager to the open offer, has submitted the Detailed Public Statement to BSE for a mandatory open offer to public shareholders of Novartis India Ltd. The offer has been triggered by Novartis AG (Switzerland), the current promoter, entering into a Share Purchase Agreement to sell its entire 70.68% stake (1,74,50,680 shares) to a ChrysCapital Group-led consortium comprising WaveRise Investments, ChrysCapital Fund X, and Two Infinity Partners. The open offer is for up to 64,19,608 equity shares (26% of voting share capital) at ₹860.64 per share, implying a total consideration of about ₹552.49 crore. The Detailed Public Statement was published on February 26, 2026 in Financial Express, Jansatta, and Navshakti. Post-completion, Novartis AG will cease to be promoter and get reclassified to 'public' category, while the Acquirers will become new promoters. The acquirers have stated no intention to delist the company.
This is a change of control event for Novartis India — Swiss parent Novartis AG is fully exiting and ChrysCapital, a major Indian PE player, is taking over as promoter. Existing public shareholders get a clear cash exit opportunity at ₹860.64/share. The stock may see sustained interest around the open offer price, and post-offer governance will shift to the new PE-led promoter group.