Novartis India stake sale: ChrysCapital takes control 2026

Ownership change closes on July 29, 2026

Novartis India Limited completed a major ownership transition on July 29, 2026 after ChrysCapital entities acquired 17,450,680 equity shares from Novartis AG. The company said the share purchase transaction and the Open Offer were concluded on the same date. Following the transaction, Novartis AG was reclassified from the ‘promoter’ category to the ‘public’ category. Control of the company moved to WaveRise Investments Limited and ChrysCapital Fund X, as disclosed by the company.

The change is a significant governance event for a listed pharmaceutical company with a long-standing multinational promoter. It also triggered a board reconstitution, with multiple director exits and appointments taking effect the same day. Alongside the corporate actions, the stock reacted sharply around the announcement period, with a reported surge of nearly 18% after the Swiss parent announced the stake sale.

What the 245th board meeting decided

The transition was formalised at Novartis India’s 245th Board meeting held on July 29, 2026. The meeting commenced at 04:20 P.M. (IST) and concluded at 05:40 P.M. During this meeting, the board recorded the completion of the share sale transaction, the promoter reclassification, and the board-level changes connected to the new controlling shareholders.

The board also acted on recommendations of the Nomination and Remuneration Committee to appoint new directors. At the same time, it accepted resignations of outgoing directors, including the chairperson and the chief financial officer, linked to the change in control.

Share purchase agreement details and closing

The board noted the completion of the sale of 17,450,680 equity shares of the company from Novartis AG to WaveRise Investments Limited, ChrysCapital Fund X, and Two Infinity Partners. These acquirers were collectively referred to as “CC” in the disclosure. The acquisition was executed pursuant to a Share Purchase Agreement dated February 19, 2026.

The company stated that the transaction was completed on July 29, 2026, referred to as the “Closing Date”. Separately, resignation letters from outgoing directors cited completion of the Open Offer on July 7, 2026 and the resulting change in control as the reason for stepping down. The disclosures, taken together, indicate the change in control was implemented through a combination of the SPA closing and Open Offer related steps during July 2026.

SEBI SAST disclosure and 70.68% stake acquisition

WaveRise Investments Limited, ChrysCapital Fund X, and Two Infinity Partners filed a SEBI SAST Regulation 29(1) disclosure on July 29, 2026. The filing followed an off-market acquisition of a combined 70.68% stake in Novartis India Limited.

Separately, the stake sale was reported at approximately Rs 1,446 crore, with the consortium acquiring the stake at Rs 860.64 per share, described as a 3.6% premium. The market reaction was also reported, with Novartis India shares surging nearly 18% after the Swiss parent announced the sale.

Promoter reclassification and control transfer

Following the closing, Novartis AG was reclassified from ‘promoter’ to ‘public’. The disclosure also stated that WaveRise Investments Limited and ChrysCapital Fund X acquired control of the company.

Promoter reclassification matters because it changes how shareholding is presented in exchange filings and can affect compliance disclosures and governance expectations. It also formally signals that strategic control has shifted away from the multinational parent to the new investor group.

Six new directors appointed from July 29, 2026

Pursuant to the SPA and based on the recommendation of the Nomination and Remuneration Committee, the board appointed six new directors with effect from July 29, 2026. The company stated that these directors will hold office until the date of the ensuing Annual General Meeting.

The appointments were split across categories: three directors were appointed as non-executive, non-independent directors, and three as independent directors. The company named the appointees as Mr. Ashok Bhatia, Mr. Kshitij Sheth, Dr. Jagriti Gupta, Mr. Ramesh Ramadurai, Mr. Shashank Sinha, and Ms. Suchita Sharma.

One director profile detail included in the disclosure was for Mr. Ramesh Ramadurai, described as having over 35 years of global leadership experience at 3M, spanning India, United States, Philippines, and China.

Six outgoing directors resign after change in control

In the context of the change in control and board reconstitution, six directors tendered their resignations with effect from July 29, 2026. The resignations included leadership roles and independent directors. According to the disclosure, the resigning directors also stepped down from their respective board committee memberships effective the same date.

The outgoing directors and their designations prior to resignation were:

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

Equity share capital remains unchanged

The company disclosed that the equity share capital remained the same before and after the acquisition. The figures provided were:

This indicates the control change was executed through a transfer of existing shares rather than issuance of new equity.

Company details in the disclosure

The registered address stated in the disclosure was: Inspire - BKC, 7th Floor, Mumbai, Maharashtra 400051. The company’s contact details included Tel: 22-50243000, Fax: 22-50243010, and Email: india.investors@novartis.com. The website was listed as http://www.novartis.in.

Market impact and why investors tracked it

The reported nearly 18% jump in Novartis India shares around the parent’s sale announcement highlighted how closely investors tracked the transaction. The disclosed stake size of 70.68%, the per-share acquisition price of Rs 860.64, and the stated 3.6% premium provided reference points for the market.

From a governance standpoint, the same-day appointment of six new directors and resignation of six outgoing directors signals a full board reset aligned with the new controlling shareholders. The promoter reclassification of Novartis AG also formally closes the chapter of promoter control for the listed entity.

Conclusion

Novartis India’s disclosures show that July 29, 2026 marked the closing of the share transfer from Novartis AG to the ChrysCapital-led acquirer group, along with a sweeping board reconstitution. The next formal milestone mentioned in the filings is that the newly appointed directors will serve until the ensuing Annual General Meeting, when shareholder-related approvals and confirmations typically follow.