Novartis India Share Price Hit 20% Upper Circuit After ChrysCapital-Led Consortium to Acquire 70.68% Stake in Novartis India

Novartis India share price jumped by 20% to hit the upper circuit in early trade on Friday after its Swiss parent, Novartis AG, agreed to sell its controlling stake to a consortium led by ChrysCapital. As of 01:33 pm, the stock traded at ₹959.65 in early morning deals, up 15.72%, extending gains after the announcement that Novartis AG will divest its 70.68% holding in the Indian arm.

The stock had earlier closed 2.25% lower at ₹830.45 on Thursday ahead of the disclosure. At current levels, the company’s market capitalisation stands at around ₹2,444 crore. Over the past one year, including Friday’s rally, the stock has gained 17.93%.

Novartis India Share Purchase Agreement Details

Under the Share Purchase Agreement (SPA) signed on February 19, 2026, Novartis AG will sell 1,74,50,680 fully paid-up equity shares to three acquirers.

WaveRise Investments Limited will acquire a 56.45% stake at ₹860.64 per share. ChrysCapital Fund X will acquire 10.32% at ₹701.25 per share, while Two Infinity Partners will purchase 3.91% at ₹701.25 per share.

The total consideration for the underlying transaction is estimated at ₹1,445.89 crore, subject to adjustments defined in the SPA.

Mandatory open offer triggered

Following execution of the SPA, the acquirers, supported by persons acting in concert, including ChrysCapital X, LLC and OceanEdge Investments Limited, have announced a mandatory open offer for public shareholders.

The offer proposes to acquire up to 64,19,608 equity shares representing 26% of the voting share capital at ₹860.64 per share, payable in cash. The total offer size is up to ₹552.50 crore, assuming full acceptance. Axis Capital Limited has been appointed as the manager to the open offer.

Change in control and branding

Completion of the transaction will lead to a complete change in control of the company. Novartis AG will cease to be classified as a promoter and will be reclassified into the public category, while the acquirers will become the new promoters.

The company has also agreed to remove all references to the “Novartis” name and brand within 120 days of closing.

Regulatory compliance and future plans

The board has already approved and executed a covenant and warranty deed related to the transaction. The acquirers do not intend to delist the company and have committed to maintaining the minimum 25% public shareholding requirement under SEBI norms.