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news.Novartis has announced a tender offer to acquire an additional stake of up to approximately 39% in its majority-owned Indian subsidiary, Novartis India, from public shareholders at a price of INR351 per share.
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Successful completion of this offer would raise the stake of Novartis in its Indian subsidiary to nearly 90% from the current level of 50.9%. The offer represents a total value of up to INR4.4 billion.
The offer for these shares is expected to open in May 2009 and is subject to regulatory approvals.
The offer by Novartis, a Group subsidiary, has been made at a premium of 27% to the closing share price of INR275.6 of Novartis India on March 24, 2008 which was the last trading day before this announcement. It also represents a premium of 35% over Novartis India’s average share price during February 2009.