Novartis India Control Changes Hands; Promoters Reclassified

Novartis India Limited's Board of Directors has approved a change in control of the company. Novartis AG has sold 17,450,680 equity shares to WaveRise Investments Limited, ChrysCapital Fund X, and Two Infinity Partners. Consequently, Novartis AG has ceased to be the promoter and has been reclassified to the 'public' category. WaveRise Investments Limited and ChrysCapital Fund X have acquired control of the company. The board also appointed three new additional directors.