Novartis Ups Bid For Novartis India

28 May 2009 (Last Updated May 28th, 2009 18:30)

Novartis has upped its bid for Novartis India to INR450 per share. The revised offer also embodies a premium of 63% to the closing share price of INR275.6 of Novartis India on 24 March, the last trading day before announcement of the offer. This proposal represents Novartis' only

Novartis has upped its bid for Novartis India to INR450 per share.

The revised offer also embodies a premium of 63% to the closing share price of INR275.6 of Novartis India on 24 March, the last trading day before announcement of the offer.

This proposal represents Novartis' only and final price revision to this offer, as 28 May is the last day on which the price could be revised.

Novartis had earlier announced a tender offer to acquire an additional stake of up to approximately 39% in Novartis India, from public shareholders at a price of INR351 per share, on 24 March 2009.

Novartis has already deposited an escrow account with Bank of America, an amount of INR4.40 crore in cash as per the market regulator Sebi's regulation.