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Novartis tenders offer to increase majority stake in Novartis India

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BASEL, Switzerland — Novartis has commenced a tender offer to acquire an additional stake of up to approximately 39% in its majority-owned Indian subsidiary, Novartis India Ltd., from public shareholders at a price of Rs 351 ($6.96) per share, for a total value of approximately Rs 4.4 billion ($87 million), Novartis announced.

If accepted, the tender offer would increase Novartis' stake in its Indian subsidiary from 50.9% to nearly 90%, the release said.

The offer, which has officially been made by Novartis auxiliary Novartis AG at a premium of 27% of the closing share price of Rs 275.6 ($5.47) for Novartis India's stock as of March 24, is expected to open in May and will be subject to regulatory approvals. It also represents a premium of 35% over Novartis India's average share price over the past month, according to the release.