Novartis India has rallied 12% to Rs 573 extending its previous day gain ahead of the promoter stake sale plan through offer-for-sale (OFS) to meet the Sebi minimum public shareholding norms.
On Monday, the stock hit low of Rs 492, its lowest value since September 2009, has rallied 16.5% on the Bombay Stock Exchange (BSE).
Novartis AG, a Switzerland-based promoter of Novartis India has propose to sell up to 454,205 equity shares of the face value of Rs 5 each of the company on May 30, 2013, the pharmaceutical company said in a statement.
Currently, Novartis AG holds 76.42% stake in the Indian arm.
According to the Sebi norms all private sector companies need to have minimum 25% public shareholding by June 30.
Today, the stock opened at Rs 530 and hit a low of Rs 520 in early morning deals. Around 19,219 shares have already changed hands on the counter till 1058 hours against an average 6,647 shares that were traded daily in past two weeks on BSE.
On Monday, the stock hit low of Rs 492, its lowest value since September 2009, has rallied 16.5% on the Bombay Stock Exchange (BSE).
Novartis AG, a Switzerland-based promoter of Novartis India has propose to sell up to 454,205 equity shares of the face value of Rs 5 each of the company on May 30, 2013, the pharmaceutical company said in a statement.
Currently, Novartis AG holds 76.42% stake in the Indian arm.
According to the Sebi norms all private sector companies need to have minimum 25% public shareholding by June 30.
Today, the stock opened at Rs 530 and hit a low of Rs 520 in early morning deals. Around 19,219 shares have already changed hands on the counter till 1058 hours against an average 6,647 shares that were traded daily in past two weeks on BSE.
