Switzerland-based pharmaceutical giant Novartis announced Friday its decision to divest its majority ownership in its Indian subsidiary through a transaction valued at $159 million.
The company will sell its 70.68% controlling interest in the publicly-traded Indian operation for 14.46 billion rupees to an investment group comprising WaveRise Investments, ChrysCapital and Two Infinity Partners.
According to regulatory requirements, the purchasing consortium has extended an additional offer to acquire a 26% stake from public shareholders of Novartis India, as mandated by takeover rules when acquiring more than 25% of a company’s shares.
Exchange documents reveal the consortium is offering public shareholders 860.64 rupees for each share, which represents a 3.6% increase above Thursday’s closing market price.
