The Detailed Public Statement ("DPS") in relation to the open offer received by Novartis India Limited ("the Company") dated Thursday, February 26, 2026.
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Novartis India Ltd has received the Detailed Public Statement (DPS) dated February 26, 2026, in connection with a mandatory open offer triggered by the sale of Novartis AG's (Switzerland) entire 70.68% stake (1,74,50,680 shares) in the company to the ChrysCapital Group consortium — WaveRise Investments, ChrysCapital Fund X, and Two Infinity Partners. The acquirers are now making an open offer to public shareholders to buy up to 26% of voting share capital (64,19,608 shares) at INR 860.64 per share, with total consideration of approximately INR 552.50 crores assuming full acceptance. Novartis India is a BSE-listed pharmaceutical company (scrip code 500672) with FY25 total income of INR 398.23 crores and a profit of INR 100.90 crores. Post-closing, the ChrysCapital consortium will become the new promoter, and Novartis AG will be reclassified from promoter to public category.
Public shareholders of Novartis India can tender their shares at INR 860.64 per share if they wish to exit — investors should compare this offer price with the prevailing market price to decide whether to tender. The stock may see volatility around the open offer window as the offer price represents a potential floor; meanwhile, control of the company is shifting from Swiss parent Novartis AG to Indian private equity major ChrysCapital, which could bring strategic changes ahead.