reported making 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 per share.
Successful completion of this offer (assuming full acceptance) 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 Rs 4.4 billion (or approximately $87 million).
The offer has been made at a premium of 27% to the closing share price of Rs 275.6 of Novartis India yesterday. It also represents a premium of 35% over Novartis India Ltd.'s average share price during the last month.