Novartis India open offer DPS: 26% at ₹860.64 (2026)

Regulatory disclosure sets the context

Novartis India Limited has made a disclosure under Regulation 30 and 30A of the SEBI Listing Obligations and Disclosure Requirements (LODR) Regulations. The filing also references Clause 5A of Para A of Part A of Schedule III of the Listing Regulations. The disclosure combines two separate strands of information that matter to public shareholders. First, the company issued a clarification on a media report that carried incorrect financial figures for Q3 FY2025-26. Second, it informed the stock exchange that it has received the Detailed Public Statement (DPS) related to an open offer.

Clarification on incorrect Q3 FY2025-26 figures

The disclosure refers to a Free Press Journal article dated January 28, 2026, which reportedly carried incorrect financial figures for Novartis India for Q3 FY2025-26. The company’s filing states that the article has since been taken down. The update is positioned as a formal clarification under the listing framework, which requires listed companies to respond to material information in the public domain when needed. No corrected Q3 figures were provided in the text shared, only the statement that the reported figures were incorrect and the article has been removed.

Company profile and operations stated in the filing

Novartis India is described as being primarily engaged in the business of wholesale of pharmaceuticals and medical goods. The text also notes that the company imports various medicines into India from different sources across the globe. Separately, it describes the company’s pharmaceutical business focus areas as including pain management, organ transplantation, and neuroscience. These descriptions frame the company as a distribution and imports-led pharmaceutical player, rather than a manufacturing-led formulation business, based on the information provided.

Receipt of the open offer Detailed Public Statement

In a letter dated February 26, 2026, Novartis India informed BSE Limited that it has received a copy of the DPS dated Thursday, February 26, 2026. The disclosure refers to a public announcement dated Thursday, February 19, 2026, regarding the open offer made by WaveRise Investments Limited (Acquirer 1) and ChrysCapital Fund X, the first scheme of ChrysCapital Trust, along with persons acting in concert with the acquirers. The company requested the exchange to take the DPS on record. The communication is signed by Chandni Maru, Company Secretary and Compliance Officer.

Key open offer terms mentioned

The DPS describes an open offer for acquisition of up to 64,19,608 fully paid-up equity shares of face value INR 5 each. The offer size is stated as 26% of the voting share capital of Novartis India. The offer price is stated as INR 860.64 per offer share. The schedule shared states that the offer opens on June 11, 2026 and closes on June 24, 2026. The statement also notes that the open offer is being made in accordance with SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (SAST), as amended.

Intermediaries and contacts listed in the document

Axis Capital Limited is identified as the manager to the open offer, with a SEBI registration number INM000012029. MUFG Intime India Private Limited (formerly Link Intime India Private Limited) is listed as the registrar and share transfer agent for the open offer process. The contact details shown include emails such as novartis.openoffer@axiscap.in for the manager and novartisindia.offer@in.mpms.mufg.com for the registrar-related investor grievance communication. These details matter for shareholders who may need to track the process and timelines through official channels.

Stock snapshot and market metrics provided

The text includes a market snapshot for Novartis India with market capitalisation of ₹2,491 crore and a current price of ₹1,009. It also lists a 52-week high/low of ₹1,100 and ₹745, respectively, and a stock P/E of 25.6. Additional metrics listed include book value of ₹314, dividend yield of 2.49%, ROCE of 17.0%, ROE of 13.2%, and face value of ₹5. The same set of data appears again in a tabular row for “Novartis India” with closely matching values.

Dividend reference and ownership detail in the text

One section of the text includes a resolution stating that a dividend of ₹25 per equity share of face value ₹5 each was declared for the financial year ended March 31, 2025. Separately, the text includes an ownership reference stating that Novartis owns 70.68% of Novartis India Ltd., and that the total market value of the 29.32% free float was USD 63.2 (as stated in the provided excerpt). These references are relevant because open offer processes and shareholder responses often hinge on promoter holding and free-float structure.

What this means for disclosures and shareholder attention

From a disclosure perspective, the clarification on incorrect figures underscores that public information can move faster than verified filings, and that exchanges expect prompt responses where needed. The open offer disclosure, including the DPS receipt and the offer timetable, is a process milestone rather than a conclusion. Investors tracking the stock will likely watch for official open offer documents, communication from intermediaries, and any further exchange filings under the LODR framework. The offer price of ₹860.64 is explicitly stated, as are the offer dates, allowing shareholders to compare publicly available market prices with the offer terms without relying on unofficial sources.

Key facts at a glance