Athira Sethu
Kochi, 20 Feb 2026
The Swiss multinational company, Novartis AG, has agreed to sell its 70.68% stake in Novartis India to ChrysCapital, a well-known Indian private equity firm. The announcement was shared on February 20, 2026, by the publicly listed subsidiary of Novartis India through a stock exchange filing.
On February 19, Moneycontrol published a report that ChrysCapital was close to the final stages of talks to acquire majority stakes in Novartis India. After the execution of the share purchase agreement, the buyers are obligated to make a mandatory open offer to the public shareholders of Novartis India, as per the guidelines of the Securities and Exchange Board of India (SEBI). The open offer price is set at Rs 860.64 per share, and it will be facilitated by Axis Capital, an investment bank, as stated in the filing.
The structure of the deal specifies that the ChrysCapital group of companies will acquire control of Novartis India in the following manner:
- Acquirer 1 will purchase 56.45% of the company’s equity shares at Rs 860.64 per share.
- Acquirer 2 will purchase 10.32% at Rs 701.25 per share.
- Acquirer 3 will purchase 3.91% at Rs 701.25 per share.
As of the close of trading on February 19, the share price of Novartis India was at Rs 830.45 per share, with the company’s market capitalization at Rs 2,050.45 crore.
As per the agreement, ChrysCapital will also have the right to nominate representatives on the board of Novartis India. After the acquisition, the name of the company may change, pending regulatory approval.
This is the first major acquisition of a stake in the Indian pharmaceutical industry by ChrysCapital. The company’s other investments in this industry include companies like Intas Pharma, Eris Lifesciences, Corona Remedies, and La Renon.
Novartis India is known for its product portfolio that addresses conditions such as diabetes, chronic neurological disorders, and cardiovascular diseases. Among its flagship brands is the pain reliever Voveran. For the fiscal year 2024-25, Novartis India has reported revenue of Rs 356.27 crore and a net profit of Rs 100.90 crore.
