Novartis India's open offer to acquire 26% of voting shares at ₹860.64 opens June 11. Acquirers WaveRise Investments, ChrysCapital, and Two Infinity Partners will become promoters. The offer price is lower than the current market price, a key factor for shareholders.

Novartis India Open Offer Details

Novartis India Limited's open offer will commence on June 11, 2026, offering ₹860.64 per share. The offer aims to acquire 64,19,608 equity shares, representing 26% of the company's voting share capital.

Reader Takeaway: Opportunity to exit at ₹860.64; Market price is ₹1,351.20.

What just happened

An open offer for Novartis India Limited is set to begin on June 11, 2026, and conclude on June 24, 2026. The offer price is fixed at ₹860.64 per equity share for up to 64,19,608 shares, which constitutes 26% of the total voting share capital.

This corporate action is a mandatory open offer under SEBI (Substantial Acquisition of Shares and Takeovers) Regulations. It follows a Share Purchase Agreement (SPA) executed by the acquirers: WaveRise Investments Limited, ChrysCapital Fund X, and Two Infinity Partners, along with their Persons Acting in Concert (PACs).

Why this matters

Upon successful completion of this open offer, the aforementioned acquirers will become the new promoters of Novartis India Limited. The company has clarified that there is no intention to delist Novartis India Limited from the stock exchanges following the open offer.

The Committee of Independent Directors (IDC) has reviewed the offer and stated that it complies with SEBI regulations. However, the offer price of ₹860.64 is notably lower than the market price of ₹1,351.20 as of June 4, 2026. This price discrepancy is a crucial point for existing shareholders to consider.

The backstory

Novartis India Limited is a pharmaceutical company operating in India. This open offer signifies a change in the promoter group, indicating a significant shift in the ownership structure of the company.

What changes now

The key change will be the promoter status of WaveRise Investments Limited, ChrysCapital Fund X, and Two Infinity Partners, assuming the open offer is successful. The company will continue to be listed on the stock exchanges.

Risks to watch

The primary watch point for shareholders is the significant difference between the open offer price (₹860.64) and the prevailing market price (₹1,351.20). This could influence the participation rate of shareholders in the open offer, as they may find it more attractive to sell shares in the open market.

Peer comparison

Novartis India operates in the pharmaceutical sector in India. Its peers include other multinational and domestic pharmaceutical companies. However, this open offer is a specific transaction related to shareholding and promoter change rather than an operational or financial performance update.

Context metrics (time-bound)

• Open Offer Price: ₹860.64 per share.
• Market Price (as of June 4, 2026): ₹1,351.20 per share.
• Tendering Period: June 11, 2026, to June 24, 2026.
• Last Date for Payment/Acceptance: July 9, 2026.
• Post-Offer Public Announcement: July 16, 2026.

What to track next

Investors should monitor the response to the open offer and the final percentage of shares acquired. The subsequent performance of Novartis India Limited under the new promoter group will also be a key factor to track.