Promoter Reclassification29 Jul 2026, 08:31 pm
Novartis India Board Notes Share Sale, Promoter Reclassification
AI Summary
Novartis India Limited's Board of Directors met on July 29, 2026, to acknowledge the completion of the sale of 17,450,680 equity shares from Novartis AG to WaveRise Investments Limited, ChrysCapital Fund X, and Two Infinity Partners. This transaction signifies a change in control, with Novartis AG ceasing to be a promoter and reclassified to the 'public' category. Consequently, WaveRise and ChrysCapital entities have acquired control of the company. The board also appointed three additional directors: Mr. Ashok Bhatia, Mr. Kshitij Sheth, and Dr. Jagriti Gupta, and three additional independent directors.
Key Highlights
- Novartis AG sold 17.45 million shares, completing the transaction on July 29, 2026.
- Control of Novartis India transferred to WaveRise and ChrysCapital entities.
- Novartis AG reclassified from promoter to public category.
- Three new additional directors and three independent directors appointed.
- Open Offer concluded successfully as per SEBI Takeover Regulations.
Price Impact
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