Novartis to raise stake in Indian unit to 90 percent

March 25th, 2009 - 4:15 pm ICT by IANS  

New Delhi, March 25 (IANS) Swiss drug maker Novartis Wednesday said it has made an open offer to acquire an additional stake of up to 39 percent in its Indian unit.
The company will acquire the stake from public share holders at Rs.351 per share. Tuesday’s closing price for Novartis shares in India was Rs.275.60.

“Successful completion of the offer would raise the company’s stake in Novartis India Ltd to nearly 90 percent from the current level of 50.9 percent,” the company said in a statement.

The offer represents a total value of around Rs.440 crore ($86 million).

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