Novartis Offers To Buy 39% More Of India Unit At INR351/Share

Swiss drug maker Novartis AG (NOVN.VX) Wednesday made an open offer to acquire an additional 39% stake in its Indian unit, Novartis India Ltd. (500672.BY), from public shareholders at INR351 a share. Novartis is looking to raise the stake in its Indian unit to nearly 90% from the current level of 50.9%, the company said in a statement. The offer is expected to open in May, it added. At least a 90% stake will allow the company to delist the unit.