ChrysCapital Fund X

ChrysCapital Fund X’s acquisition of a controlling stake in Novartis India is nearing completion, marking a significant shift in ownership and corporate governance. WaveRise Investments, alongside ChrysCapital Fund X, successfully concluded an open offer to public shareholders, acquiring a portion of the shares required to meet the 26% threshold stipulated by SEBI regulations. Notably, the open offer received a minimal response from public shareholders, with virtually no shares tendered in dematerialized form, suggesting limited investor interest in selling at the offered price. This transition will see Novartis AG reclassified as a public shareholder, and WaveRise and ChrysCapital assume promoter status, potentially influencing future strategic direction and investment decisions within Novartis India.