Novartis, the Swiss drugmaker has planned to boost its stake in its Indian subsidiary to nearly 90% from 50.9%.
The Company is planning to begin in May a tender offer for shares of Novartis India Ltd. at a price of Rs351 per share, or as much as Rs4.4bn, about US$87mn. Successful completion of this offer would raise the stake in Novartis India to nearly 90%.
Novartis India shares are traded on the Bombay Stock Exchange (BSE). The offer price is a 27% premium to the Indian subsidiarys closing price on Tuesday. And its a 35% premium over the Indian subsidiarys average share price in the past one month.
In a statement, Novartis said that the offer is subject to regulatory clearances.
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