Mumbai, Feb. 20 -- Novartis AG has entered into a share purchase agreement to divest 1,74,50,680 equity shares, representing 70.68% of the company's paid-up equity capital, to a consortium led by WaveRise Investments, ChrysCapital Fund X, and Two Infinity Partners, along with persons acting in concert, ChrysCapital X, LLC, and OceanEdge Investments. The proposed acquisition has triggered a mandatory open offer to acquire up to 26% of the voting share capital from public shareholders.

The open offer price has been fixed at Rs 860.64 per share, representing a premium of 3.64% to the previous closing price of Rs 830.45. The acquirers propose to purchase up to 6,419,608 fully paid-up equity shares of face value Rs 5 each, aggregating to a to...