A consortium of WaveRise Investments, ChrysCapital, and Two Infinity Partners signed an agreement to buy the stake from the parent entity for Rs 860.64 per share, an exchange filing showed, representing a 3.6% premium to its closing price on Thursday.
The companies have also made an offer to purchase an additional 26% stake from Novartis India’s public shareholders, under takeover regulations that mandate such an exercise on the purchase of a shareholding of over 25%.
The open offer is also being made at Rs 860.64 per share, which the company said is determined in accordance with SAST regulations. Assuming full acceptance under the open offer, the total consideration payable by the acquirers under the open offer shall be Rs 552.5 crore.
After the acquisition is complete, the new owners have also proposed changing the company’s name, subject to the requisite regulatory and corporate approvals.
If the entire 26% shareholding is tendered through the open offer, which goes through as planned, WaveRise will own 72.78% of equity, Category-II AIF ChrysCapital Fund X will own 17.33%, while Two Infinity Partners will end up owning 6.57% stake.
In case no shares are tendered under the open offer, then WaveRise will have a majority 56.45% stake, ChrysCapital’s fund will own 10.32% equity, while Two Infinity Partners will have 3.91% stake in the company.”This Open Offer is a mandatory open offer made by the Acquirers and PACs under Regulation 3(1) and Regulation 4 of the SEBI (SAST) Regulations pursuant to the execution of the SPA for the acquisition of a substantial number of equity shares, voting rights, and control over the Target Company,” the consortium said in a filing.
The exit comes two years after Novartis began a strategic review of Novartis India, including assessing its stake in the Mumbai-based firm.
In April 2025, Novartis announced plans to spend $23 billion to build and expand in the U.S., as it faced renewed threats of drug import duties on pharmaceuticals under the Trump administration.
The Swiss company does not have a manufacturing presence in India. Novartis India primarily sells medicines, including Voveran, used to treat joint pain.