Novartis India Announces Open Offer at ₹860.64 Per Share

Novartis India Limited will see an open offer for 64,19,608 equity shares, representing 26% of its voting share capital, at an offer price of ₹860.64 per share. The tendering period is set from June 11, 2026, to June 24, 2026.

Reader Takeaway: Shareholders can exit at a premium; contingent tax liabilities pose a risk.

What just happened

An open offer has been formally announced for Novartis India Limited's shares. This follows WaveRise Investments Limited, ChrysCapital Fund X, and Two Infinity Partners acquiring a 70.68% stake from Novartis AG. The offer price is ₹860.64 per equity share.

Why this matters

This event provides an exit opportunity for existing shareholders at a specified price. The new acquirers, WaveRise and ChrysCapital, are undertaking this mandatory open offer as per SEBI regulations. The total value of the open offer, if fully accepted, is approximately ₹552.50 crore.

The backstory

Novartis AG sold its majority stake in Novartis India Limited to WaveRise Investments and ChrysCapital. This transaction triggered the requirement for the new acquirers to make a mandatory open offer to the public shareholders of Novartis India.

What changes now

Post the offer, the board of directors of Novartis India is proposed to be reconstituted with the acquirers' nominees. The company's name is also slated for a change. The acquirers have stated they do not plan to delist the company.

Risks to watch

Investors should be aware of significant contingent liabilities. These include assessing officer tax demands of ₹305.45 crore (appeals are filed), outstanding matters under the Drug Price Control Order 2013 totalling ₹41.62 crore, and other tax-related claims amounting to ₹29.52 crore.

Peer comparison

(No peer comparison data available in the filing.)

Context metrics (time-bound)

Novartis India reported revenue from operations of ₹354.33 crore in FY 2025-26, with a profit for the year of ₹93.18 crore. Total equity stood at ₹817.83 crore in the same period.

What to track next

Investors should monitor the tendering of shares during the open offer period and any regulatory updates. Keeping an eye on the resolution of contingent liabilities will also be crucial for understanding the company's future financial health.