Swiss drug maker Novartis AG has made an open offer to acquire an additional 39% stake in its Indian unit, Novartis India Ltd., from public shareholders at Rs351 a share, the company said in its communique to the stock exchanges.
Novartis is looking to raise the stake in its Indian unit to nearly 90% from the current level of 50.9%, the company said in a statement. The offer is expected to open in May and is subject to regulatory approvals, it added.
The offer by Novartis AG has been made at a premium of 27% to the closing share price of Rs 275.6 of Novartis India Ltd on March 24, the last trading day before the announcement. This also represents a premium of 35% over Novartis India’s average share price during the last month.