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news.Novartis has increased the offer price for Novartis India to INR450 per share. The revised offer embodies a premium of 63% to the closing share price of INR275.6 of Novartis India on March 24, which was the last trading day before announcement of the offer.
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This proposal represents Novartis’ only and final price revision to this offer, as May 28 is the last day on which the price can be revised.
Earlier, Novartis had announced a tender offer to acquire an additional stake of up to approximately 39% in Novartis India, from public shareholders at a price of INR351 per share, on March 24, 2009.
Novartis has already deposited an escrow account with Bank of America, an amount of INR4.40 crore in cash as per the market regulator Sebi’s regulation.