Intimation under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 relating to the Receipt of the Letter of Offer from Axis Capital Limited (Manager ....
NOVARTIND · price
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Novartis India has received the Letter of Offer dated June 1, 2026 from Axis Capital Limited (Manager to the Open Offer) for an open offer to acquire up to 64,19,608 equity shares (26% of voting share capital) from public shareholders at ₹860.64 per share. The offer is being made by a consortium comprising WaveRise Investments Limited, ChrysCapital Fund X, and Two Infinity Partners, along with PACs ChrysCapital X LLC and OceanEdge Investments Limited. This open offer follows the underlying transaction where Novartis AG (Swiss parent) is divesting its controlling stake in Novartis India to the ChrysCapital-led consortium. The tendering period is scheduled from June 11, 2026 to June 24, 2026, with payment to shareholders by July 9, 2026. The offer is unconditional on minimum acceptance, and no competing offer has been received as of the LoF date.
Public shareholders have a clear window to tender shares at ₹860.64 per share. The change of control from global pharma major Novartis AG to a private equity-led consortium signals a likely shift in long-term strategy and operations for Novartis India.