Receipt of Public Announcement in relation to open offer from Axis Capital Limited (Manager to the Open Offer).
NOVARTIND · price
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Awaiting price reaction for this filing.
Novartis India has informed the BSE that a public announcement dated February 19, 2026 has been received from Axis Capital Limited (acting as manager to the open offer) on behalf of the ChrysCapital group. The acquirers — WaveRise Investments, ChrysCapital Fund X, and Two Infinity Partners, along with persons acting in concert — have signed a share purchase agreement with Novartis AG to buy 1,74,50,680 equity shares (70.68% of equity capital) of the company. Following this, a mandatory open offer of up to 64,19,608 shares (26% of voting share capital) is being made to public shareholders at INR 860.64 per share, aggregating to about INR 552.49 crore. Post-closing, Novartis AG will cease to be the promoter and the company name is proposed to be changed. The acquirers have stated no intention to delist the stock.
This is a significant control change event for public shareholders, who now have a clear opportunity to exit at INR 860.64 per share in cash. The stock may trade closer to the offer price in the near term, and shareholders should evaluate whether to tender or hold, keeping in mind that the offer is not subject to any minimum acceptance condition.