Novartis shares surge 20% after open offer by ChrysCapital, 2 others; promoter exit
Public shareholders welcomed the deal, pushing the MNC stock past the Rs 950 mark, even as the open offer price was set at Rs 860.64, a 3.64 per cent premium overThursday’s closing price of Rs 830.45 apiece.
- Feb 20, 2026,
- Updated Feb 20, 2026 9:54 AM IST
Shares of Novartis India Ltd surged 15 per cent in Friday’s trade after promoter Novartis AG decided to exit the company by selling its stake to a consortium of WaveRise Investments, ChrysCapital and Two Infinity Partners, triggering a mandatory open offer for public shareholders.
Novartis India said it has agreed to change its name to remove all references to the seller group within 120 days from completion of the transaction.
Following the development, the stock climbed 20 per cent to hit a high of Rs 996.50 apiece. Public shareholders welcomed the deal, pushing the MNC stock past the Rs 950 mark, even as the open offer price was set at Rs 860.64, a 3.64 per cent premium over Thursday’s closing price of Rs 830.45 apiece.
Novartis AG has agreed to sell its entire 70.68 per cent stake in the company to WaveRise Investments, ChrysCapital Fund X and Two Infinity Partners, along with ChrysCapital X, LLC and OceanEdge Investments Limited.
Promoter Novartis AG is selling 1,74,50,680 shares and proposed to enter into a company covenant and warranty deed. Accordingly, at its meeting, the board of directors approved the execution of the covenant and warranty deed, following which it was executed by the company.
“The company has provided certain customary warranties on a non-recourse basis to the acquirers in relation to the company and its business. The company has agreed to provide reasonable assistance and information required by the acquirers in connection with the mandatory open offer made by the acquirers to the public shareholders of the company,” Novartis said.
Novartis India said it has undertaken certain customary post-closing obligations, including completing the relevant regulatory filings in connection with the transaction.
Under the open offer, acquirers have announced acquisition of up to 64,19,608 fully paid-up equity shares of face value of Rs 5 each from public shareholders of Novartis India Limited, representing 26 per cent of the ‘Voting Share Capital’ at a price of Rs 860.64 apiece, aggregating to a total consideration of up to Rs 552,49,71,429 (Rs 552.49 crore) payable in cash, subject to the terms and conditions mentioned in the public announcement.
Shares of Novartis India Ltd surged 15 per cent in Friday’s trade after promoter Novartis AG decided to exit the company by selling its stake to a consortium of WaveRise Investments, ChrysCapital and Two Infinity Partners, triggering a mandatory open offer for public shareholders.
Novartis India said it has agreed to change its name to remove all references to the seller group within 120 days from completion of the transaction.
Following the development, the stock climbed 20 per cent to hit a high of Rs 996.50 apiece. Public shareholders welcomed the deal, pushing the MNC stock past the Rs 950 mark, even as the open offer price was set at Rs 860.64, a 3.64 per cent premium over Thursday’s closing price of Rs 830.45 apiece.
Novartis AG has agreed to sell its entire 70.68 per cent stake in the company to WaveRise Investments, ChrysCapital Fund X and Two Infinity Partners, along with ChrysCapital X, LLC and OceanEdge Investments Limited.
Promoter Novartis AG is selling 1,74,50,680 shares and proposed to enter into a company covenant and warranty deed. Accordingly, at its meeting, the board of directors approved the execution of the covenant and warranty deed, following which it was executed by the company.
“The company has provided certain customary warranties on a non-recourse basis to the acquirers in relation to the company and its business. The company has agreed to provide reasonable assistance and information required by the acquirers in connection with the mandatory open offer made by the acquirers to the public shareholders of the company,” Novartis said.
Novartis India said it has undertaken certain customary post-closing obligations, including completing the relevant regulatory filings in connection with the transaction.
Under the open offer, acquirers have announced acquisition of up to 64,19,608 fully paid-up equity shares of face value of Rs 5 each from public shareholders of Novartis India Limited, representing 26 per cent of the ‘Voting Share Capital’ at a price of Rs 860.64 apiece, aggregating to a total consideration of up to Rs 552,49,71,429 (Rs 552.49 crore) payable in cash, subject to the terms and conditions mentioned in the public announcement.