Board approves Buyback of equity shares

• Security Code: 500672
• Company: NOVARTIND

Novartis India Ltd has informed BSE that the Board of Directors of the Company at its meeting held on September 25, 2017, (commencement time 10.30 a.m. and conclusion time 01.15 p.m.) unanimously approved a buyback proposal for purchase by the Company of upto 34,50,000 equity shares of Rs. 5/- each (representing 12.26% of the total paid-up equity capital), from all the existing equity shareholders of the Company on the record date on a proportionate basis through the "Tender Offer" route as prescribed under the Securities and Exchange Board of India (Buy-Back Regulations), 1998 (the “Buyback Regulations”) at a price of Rs. 670/- (Rupees Six Hundred and Seventy only) per equity share, aggregating to Rs. 231.15 crores (Rupees Two Hundred Thirty One Crores and Fifteen Lakhs only) (“Buyback Size”) in accordance with the provisions of the Companies Act, 2013 and the Buyback Regulations (the “Buyback”). The Buyback Size does not include any expenses incurred or to be incurred for the Buyback like filing fees, advisory fees, public announcement expenses, printing and dispatch expenses, and other incidental and related expenses.

The Board noted the intention of the promoter of the Company to participate in the proposed Buyback.

The Buyback would be subject to approval of the shareholders of the Company by way of a special resolution through Postal Ballot and all other applicable statutory approvals.

The Board has constituted a Buyback Committee and delegated its powers to the Buyback Committee to do all such acts, deeds, matters and things as it may, in its absolute discretion, deem necessary expedient, usual or proper in connection with the Buyback. The Board has appointed Mr. Trivikram Guda, Company Secretary & Compliance Officer as the Compliance Officer for the purpose of buyback of shares of the Company.

The Draft Postal Ballot Notice was approved by the Board at its meeting held on September 25, 2017 and the Board authorized the Buyback Committee to finalize the Postal Ballot Notice, explanatory statement and notes thereon and issue the same to the members of the Company.

Ambit Capital Private Limited has been appointed as the Manager to the Buyback Offer. The public announcement setting out the process, timelines and other requisite details will be released in due course in accordance with the Buyback Regulations.