Key Quantitative Figures

  • Open Offer Size: 64,19,608 (64.19 lakh) fully paid-up equity shares of face value ₹5 each
  • Percentage of Voting Share Capital: 26%
  • Total Offer Value: ₹5,52,49,71,429.12 (₹5,524.97 crore)
  • Offer Price per Share: ₹34,425.60

Dates of Action

  • Open Offer Opening Date: 11 June 2026 (Thursday)
  • Open Offer Closure Date: 24 June 2026 (Wednesday)
  • Payment of Consideration Date: 7 July 2026 (Tuesday)
  • Post-Offer Advertisement Date: 9 July 2026
  • Publication Date: 10 July 2026

Parties Involved

Acquirers:

  • WaveRise Investments Limited (Acquirer 1)
  • ChrysCapital Fund X (Acquirer 2)
  • Two Infinity Partners (Acquirer 3)

Persons Acting in Concert (PACs):

  • ChrysCapital X, LLC (PAC 1)
  • OceanEdge Investments Limited (PAC 2)

Manager to the Offer: Axis Capital Limited

Registrar to the Offer: MUFG Intime India Private Limited

Target Company: Novartis India Limited

Seller: Novartis AG

Shareholding Details

Pre-Offer Shareholding:

  • All Acquirers and PACs: Nil (0.00%)
  • Public Shareholders: 72,40,117 shares (29.32%)

Shares Acquired via Agreements:

  • Acquirer 1: 1,39,38,382 shares (56.45%)
  • Acquirer 2: 25,47,189 shares (10.32%)
  • Acquirer 3: 9,65,109 shares (3.91%)
  • PACs: Nil (0.00%)
  • Total: 1,74,50,680 shares (70.68%)

Shares Acquired via Open Offer:

  • Acquirer 1: 40,31,477 shares (16.33%)
  • Acquirer 2: 17,31,921 shares (7.01%)
  • Acquirer 3: 6,56,210 shares (2.66%)
  • Total: 64,19,608 shares (26%)

Post-Offer Shareholding:

  • Acquirer 1: 40,31,477 shares (16.33%)
  • Acquirer 2: 17,31,921 shares (7.01%)
  • Acquirer 3: 6,56,210 shares (2.66%)
  • Public Shareholders: 64,19,608 shares (26%)
  • Total Acquirers and PACs: 64,19,608 shares (26%)

Purpose and Rationale

The Open Offer is a mandatory offer triggered under Regulation 3(1) and Regulation 4 of the SEBI SAST Regulations due to the execution of a Share Purchase Agreement dated 19 February 2026 between the Acquirers and Novartis AG to acquire 1,74,50,680 Equity Shares representing 70.68% of the equity share capital of Novartis India Limited, along with control over the Target Company (the "Underlying Transaction").

Publication Details

The Post-Offer Advertisement was published in:

  • Financial Express (English, All Editions)
  • Jansatta (Hindi, All Editions)
  • Navshakti (Marathi, Mumbai Edition)

Additional Information

  • The advertisement is available on SEBI website (www.sebi.gov.in) and BSE website (www.bseindia.com)
  • Acquirer 1 and Acquirer 2 will become promoters of Novartis India Limited post-transaction
  • Acquirer 3 will be classified as part of the promoter group
  • The acquisition is subject to foreign shareholding threshold compliance

#Tags #NovartisIndia #OpenOffer #SEBISAST #M&A #Takeover