Axis Capital Limited, acting as Manager to the Open Offer, has submitted a regulatory disclosure to BSE Limited regarding the status of equity shares tendered in an open offer for Novartis India Limited.
The open offer is for the acquisition of up to 64,19,608 fully paid-up equity shares of face value of ₹5 each, representing 26% of the voting share capital of Novartis India Limited. The acquirers are WaveRise Investments Limited (Acquirer 1), ChrysCapital Fund X (the first scheme of ChrysCapital Trust I, a SEBI-registered Category II AIF) as Acquirer 2, and Two Infinity Partners as Acquirer 3. Persons acting in concert include ChrysCapital X, LLC (PAC 1) and OceanEdge Investments Limited (PAC 2).
As of June 12, 2026, the disclosure states:
- Zero equity shares (NIL% of the offer size) were tendered in the designated Open Offer Escrow Demat Account: "MIIPL NOVARTIS INDIA LIMITED OPEN OFFER ESCROW DEMAT ACCOUNT" with Ventura Securities Limited (DP ID: IN303116, Client ID: 15855051, PAN: AAACH2914F)
- Zero equity shares (NIL% of the offer size) were tendered in physical form with the Registrar to the Open Offer
The disclosure clarifies that these figures represent only the initial tender status and are subject to validation and verification of complete document submission. The final number of "validly tendered" shares that will be accepted by the acquirers may differ and will be determined in accordance with SEBI (SAST) Regulations and the Letter of Offer dated June 1, 2026.
Capitalized terms used in the disclosure carry the same meaning as defined in the Letter of Offer. The document was signed by Pratik Pednekar, AVP at Axis Capital Limited, and requests BSE to upload the information for public dissemination.