WaveRise Investments Limited

A significant shift in ownership is underway at Novartis India, as ChrysCapital-backed WaveRise Investments and related entities have completed the acquisition of a 70.68% stake from Novartis AG, triggering a mandatory open offer to public shareholders. Despite the open offer, designed to acquire up to 26% of the company's shares, the tender has received a remarkably minimal response, with virtually no shares tendered during the offering period. This outcome suggests limited public interest in selling their holdings at the offered price of ₹860.64 per share, and WaveRise and ChrysCapital are expected to assume promoter status following the transaction's completion, potentially impacting future corporate strategy and investor sentiment.