🔄 Novartis AG to sell 70.68% stake in Novartis India; control to shift to new promoters
👉🏻 Novartis AG has signed an agreement to sell 1,74,50,680 equity shares (70.68%) in Novartis India Ltd.
👉🏻
#Buyers: WaveRise Investments Ltd, ChrysCapital Fund X and Two Infinity Partners.
👉🏻 Post completion, Novartis AG will cease to be promoter; Acquirers will take control and be classified as promoters.
👉🏻 Company has executed a covenant and warranty deed in connection with the transaction.
👉🏻 Acquirers to make a mandatory open offer to public shareholders as per SEBI takeover regulations.
#NovartisIndia #OpenOffer #StakeSale #NOVARTIND