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Novartis to raise stake in Indian unit to 90 percent
Wednesday, 25 March 2009, 23:40 IST
New Delhi: Swiss drug maker Novartis Wednesday said it has made an open offer to acquire an additional stake of up to 39 percent in its Indian unit.
The company will acquire the stake from public share holders at 
351 per share. Tuesday's closing price for Novartis shares in India was 275.60.
"Successful completion of the offer would raise the company's stake in Novartis India Ltd to nearly 90 percent from the current level of 50.9 percent," the company said in a statement.
The offer represents a total value of around 440 crore ($86 million).
Source: IANS
351 per share. Tuesday's closing price for Novartis shares in India was 275.60.
"Successful completion of the offer would raise the company's stake in Novartis India Ltd to nearly 90 percent from the current level of 50.9 percent," the company said in a statement.
The offer represents a total value of around 440 crore ($86 million).
Source: IANS