Axis Capital Ltd ("Manager to the Open Offer") has submitted to BSE a copy of Letter of Offer to the public shareholders of Novartis India Ltd ("Target Company").
NOVARTIND · price
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Axis Capital, the manager to the open offer, has submitted the Letter of Offer dated June 1, 2026 to BSE on behalf of the acquirers for Novartis India Ltd. The acquirers — WaveRise Investments (Mauritius), ChrysCapital Fund X, and Two Infinity Partners — along with persons acting in concert (ChrysCapital X LLC and OceanEdge Investments), are making a cash open offer to buy up to 64,19,608 equity shares (26% of voting share capital) from public shareholders at INR 860.64 per share. The underlying transaction involves Novartis AG (Switzerland) selling its stake in the Indian listed entity. The tendering period runs from June 11, 2026 to June 24, 2026. The offer is not conditional on minimum acceptance and there is no competing offer as of the date.
Public shareholders of Novartis India now have a defined exit opportunity at INR 860.64 per share. The offer is linked to a change in control from Novartis AG to ChrysCapital-led investors, which may signal a shift in strategic direction for the company and could put downward pressure on the stock if it trades above the offer price.