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| Novartis open offer for Indian arm starts May 14 |
| Press Trust of India / Mumbai Mar 27, 2009, 14:15 IST |
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Swiss drug maker Novartis AG's open offer for acquiring an additional 39 per cent stake in its Indian subsidiary will begin on May 14.
The open offer would begin on May 14 and close on June 3, Novartis India said in a filing to the Bombay Stock Exchange.
Novartis AG is making the open offer to acquire up to 1,24,64,710 shares, representing a 39 per cent stake in Novartis India, at a price of Rs 351 per share.
At present, the Swiss parent holds a 50.9 per cent stake in Novartis India. Following the acquisition, Novartis AG would hold 2,87,42,147 shares representing 89.93 per cent in the company.
The offer by Novartis AG has been made at a premium of 27 per cent to Novartis India's closing price of Rs 275.6 on March 24.
Since the announcement of the open offer by Novartis AG on March 25, the scrip of Novartis India has been on an upward swing, gaining over 29 per cent on the BSE.
DSP Merrill Lynch Ltd is acting as the manager to the offer on behalf of Novartis AG.
Shares of Novartis were trading at Rs 358.80, up 0.84 per cent in the late afternoon trade on the BSE.
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