Shares of Novartis India Limited jumped sharply on Friday after a ChrysCapital-led consortium announced it would acquire the Swiss pharma giant’s entire 70.68 per cent stake in the listed Indian unit, triggering a mandatory open offer for public shareholders.
The stock was trading at ₹953.85 on BSE as of midday, up ₹123.40 or 14.86 per cent from Thursday’s close of ₹830.45.
The scrip hit the upper price band of ₹996.50 earlier in the session before easing slightly. Turnover stood at ₹80.72 crore on volumes of 8.24 lakh shares, significantly higher than the two-week average quantity of 0.23 lakh shares, indicating heavy investor interest. Market capitalization stood at approximately ₹2,355 crore.
The surge follows a public announcement, in which WaveRise Investments Limited, ChrysCapital Fund
Under SEBI’s Under takeover regulations, the acquisition of more than 25 per cent voting rights has triggered a mandatory open offer.
The acquirers have announced an open offer to purchase up to 64,19,608 shares, representing 26 per cent of the voting share capital, from public shareholders at ₹860.64 per share, aggregating to approximately ₹552 crore if fully subscribed.
The open offer price of ₹860.64 is at a discount to the current market price of ₹953.85, which typically reflects the market pricing in deal certainty and potential price revision. The acquirers have noted the offer price may be revised upward if any SPA price adjustment results in a higher figure.
Novartis India’s board has also approved a company covenant and warranty deed in connection with the transaction. The company will be required to change its name within 120 days of deal closure.
Published on February 20, 2026