Swiss pharmaceutical major Novartis AG has entered into a definitive agreement with private equity firm ChrysCapital to divest its entire stake in its Indian subsidiary to a consortium comprising WaveRise Investments Ltd, ChrysCapital Fund X and Two Infinity Partners.
On February 19, Novartis India Ltd signed a share purchase agreement to sell around 1.75 crore equity shares, representing 70.68% of its paid-up capital, for a total cash consideration of ₹1,445.89 crore.
Under the agreed structure, WaveRise Investments will acquire 1.39 crore shares (56.45%) at ₹860.64 per share. ChrysCapital Fund X will purchase 25.47 lakh shares (10.32%) at ₹701.25 per share, while Two Infinity Partners will acquire 9.65 lakh shares (3.91%) at ₹701.25 apiece.
As the acquirers will gain voting rights exceeding 25%, the transaction has triggered a mandatory open offer under takeover regulations.
The consortium has announced an open offer to acquire up to 64 lakh equity shares from public shareholders, representing 26% of the voting capital, at ₹860.64 per share, aggregating ₹552.49 crore.
Following the completion of the open offer, the combined shareholding of WaveRise, ChrysCapital Fund X and Two Infinity Partners is expected to rise to 96.68%, split in the ratio of 72.78%, 17.33% and 6.57%, respectively.
For the nine months ended December 2025, Novartis India reported a net profit of ₹68 crore compared with ₹72 crore in the year-ago period, while revenue from operations stood at ₹264 crore, down from ₹272 crore.