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Drug firm Novartis India today said its parent Novartis AG has offloaded 1.42% stake in it through open market for a consideration of over Rs 25 crore to meet market regulator Sebi guidelines.
The company's parent Novartis AG has sold 4,54,205 shares in the company for a total amount of Rs 25.45 crore, Novartis India said in a filing to BSE.
After the sale Novartis AG will have 75% stake in the Indian entity.
As per Sebi's minimum public shareholding norms, all private sector listed companies need to have at least 25% public shareholding and promoters have been asked to lower their stake to 75% or below by June 2013.
To help companies comply with the new public shareholding norms, Sebi last year created two new routes -- offer for sale (OFS) and institutional placement programme (IPP).
The regulator also allowed companies to use rights and bonus issue routes to enhance public holding.
Shares of Novartis India today closed at Rs 479.25 per scrip on BSE, up 2.82% from their previous close.
