New Delhi, Feb. 20 -- Novartis India share price surged 18% in intra-day trade on Friday, February 20, after promoter Novartis AG agreed to sell its entire stake in the company, triggering a mandatory open offer and a complete change in control.

Novartis AG has agreed to divest its 70.68% stake, comprising 1,74,50,680 equity shares, to a consortium led by WaveRise Investments Limited, ChrysCapital Fund X, and Two Infinity Partners, along with persons acting in concert ChrysCapital X, LLC and OceanEdge Investments Limited. The transaction has resulted in an open offer for public shareholders to tender up to 26% of the company's equity.

The open offer price has been fixed at Rs.860.64 per share, which represents a 3.64% premium to Thursda...