Novartis India control change: 70.68% stake sold in 2026

What changed at Novartis India on July 29, 2026

Novartis India Limited completed a major ownership and governance transition on July 29, 2026, after ChrysCapital-linked entities acquired control of the listed company. The company disclosed that the share purchase transaction and the Open Offer were concluded on the same date. Following the change in control, Novartis AG was reclassified from the “promoter” category to the “public” category, while WaveRise Investments Limited and ChrysCapital Fund X were identified as acquirers of control.

The transition was formalised at the company’s 245th Board meeting held on July 29, 2026. The meeting began at 04:20 P.M. (IST) and ended at 05:40 P.M. (IST). The Board noted the completion of the share sale, approved appointments of new directors, and accepted resignations of outgoing directors tied to the control change.

Share sale completed under February 19, 2026 SPA

The Board recorded completion of the sale of 17,450,680 equity shares by Novartis AG (referred to as “NAG”) to WaveRise Investments Limited (WaveRise), ChrysCapital Fund X (Fund X), and Two Infinity Partners (TIP). The acquisition was executed pursuant to the Share Purchase Agreement (SPA) dated February 19, 2026. The transaction closed on July 29, 2026, which was described as the “Closing Date”.

Separately, the wider market narrative around the transaction included pricing and valuation details. Novartis India shares were reported to have surged nearly 18% after its Swiss parent announced the sale of its 70.68% stake for approximately Rs 1,446 crore. The consortium was to acquire the stake at Rs 860.64 per share, described as a 3.6% premium.

Open Offer references and the change in control

The disclosure also links director resignations to the Open Offer process. Resignation letters from outgoing directors cited the completion of the Open Offer on July 7, 2026, and the resulting change in control as the primary reason for stepping down. In the same set of disclosures, the company also stated that the share purchase transaction and the Open Offer concluded on July 29, 2026.

From a regulatory perspective, the acquirers also filed a SEBI SAST Regulation 29(1) disclosure on July 29, 2026, following an off-market acquisition of a combined 70.68% stake in Novartis India Limited.

Board reconstitution: six new directors appointed

With the control transfer, the Board was reconstituted. On the recommendation of the Nomination and Remuneration Committee, the Board appointed six new directors effective July 29, 2026. The appointments were stated to be valid until the date of the ensuing Annual General Meeting.

The incoming directors named were:

• Mr. Ashok Bhatia
• Mr. Kshitij Sheth
• Dr. Jagriti Gupta
• Mr. Ramesh Ramadurai
• Mr. Shashank Sinha
• Ms. Suchita Sharma

Six outgoing directors resigned, including Chairperson and CFO

Alongside the new appointments, six directors tendered resignations with effect from July 29, 2026, in the context of the change in control and the Board reconstitution. The company also disclosed that each resigning director stepped down from their Board committee memberships with the same effective date.

The independent directors stated there were no material reasons for their resignations beyond those mentioned in their resignation letters.

Outgoing directors (as disclosed)

Equity share capital unchanged

The disclosures also included a simple capital snapshot. The equity share capital was stated as unchanged before and after the acquisition.

Stock identifiers and company contact details

Novartis India Limited trades under BSE: 500672 and NSE: NOVARTIND. The company’s registered address was disclosed as Inspire - BKC, 7th Floor, Mumbai, Maharashtra 400051. Contact coordinates were also provided, including Tel: 22-50243000, Fax: 22-50243010, and the investor email india.investors@novartis.com. The company website was listed as http://www.novartis.in.

Context: the divestment decision and prior leadership churn

The stake sale followed a strategic review initiated by Novartis AG starting February 2024, as described in earlier disclosures around the transaction announcement. Novartis AG had notified Novartis India’s Board that it entered into an agreement with ChrysCapital to transfer its 70.68% shareholding, with the closing expected in Q3 2026 subject to conditions precedent.

The company has also seen senior leadership changes in earlier periods. Novartis India had disclosed that Mr. Sanjay Murdeshwar, Vice Chairman and Managing Director, resigned as director and employee with effect from close of business hours of April 2, 2024, citing evolving personal and professional aspirations.

Market impact and why the governance shift matters

Control transfers of this size typically trigger multiple compliance steps: SPA closing, open offer processes, reclassification of promoter status, and fresh SAST disclosures. In this case, the shift is also visible in the governance reset, with six incoming directors appointed on the same effective date as six resignations, including the then Chairperson and the Whole-Time Director and CFO.

In market terms, the reported near-18% share price reaction after the stake sale announcement highlights investor sensitivity to changes in ownership, price discovery (Rs 860.64 per share), and clarity on control. But the more durable implications for shareholders will depend on how the new controlling entities and the reconstituted Board steer disclosures and decision-making in subsequent quarters.

Conclusion

Novartis India’s July 29, 2026 Board meeting marked the formal completion of the control transfer to ChrysCapital-linked entities, the promoter reclassification of Novartis AG, and a full Board reshuffle. The next key milestone on the governance calendar, as stated in the disclosures, is the ensuing Annual General Meeting, until which the newly appointed directors will hold office.