|
| Exchange Disseminated Time | DSP Merrill Lynch Ltd has submitted to BSE a copy of the Press Release made by Novartis AG as regards the open offer to acquire up to approximately 39% of its Indian subsidiary Novartis India Ltd at a price of Rs 351 per share.
Press Release:
"Novartis announced today a tender offer to acquire an additional stake of up to approximately 39% in its majority-owned Indian subsidiary, Novartis India Ltd., from public shareholders at a price of Rs 351 per share.
Successful completion of this offer (assuming full acceptance) would raise the stake of Novartis in its Indian subsidiary to nearly 90% from the current level of 50.9%. The offer represents a total value of up to Rs 4.4 billion (or approximately USD 87 million).
A public announcement is being published in India as required by law. The offer for these shares, which are traded on the Stock Exchange, is expected to open in May 2009 and is subject to regulatory approvals.
The offer by Novartis AG, a Group subsidiary, has been made at a premium of 27% to the closing share price of Rs 275.6 of Novartis India Ltd. on March 24, which was the last trading day before this announcement. It also represents a premium of 35% over Novartis India Ltd.'s average share price during the last month." (For more details kindly refer Corporate Announcement on www.bseindia.com) |
|
|