ManagementNovartis raises stake in Indian arm to 76.42%
Swiss drug maker Novartis AG has hiked its stake to 76.42 per cent in its Indian subsidiary Novartis India pursuant to the completion of open offer.
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Novartis India in a filing to the Bombay Stock Exchange said that the promoters have acquired 8,147,365 shares, or 25.49 per cent stake, in the company at a price of Rs 450 a piece, aggregating to over Rs 366.63 crore.
In March, the Swiss parent had made an open offer for an additional 39 per cent stake in its Indian unit.
However, only 25.49 per cent stake was tendered by the public shareholders. The open offer closed on June 8.
Novartis AG"s holding in the company has increased to 2,44,24,802 shares, or 76.42 per cent, pursuant to the acquisition, from 50.9 per cent stake earlier. DSP Merrill Lynch Ltd acted as the manager to the offer.
Shares of Novartis India closed at Rs 428.65, down 0.08 per cent on the BSE.