Drug major Novartis’ Swiss promoter, Novartis AG, has hired Citigroup Capital Markets as the sole broker for the proposed share sale to reduce stake in the Indian entity. The promoter Novartis AG intends to reduce its 1.42% stake in the Indian entity for meeting SEBI guidelines on the minimum public shareholding in the listed companies.
As of March 31, Novartis AG held 76.42% stake in Indian subsidiary. However, according to SEBI’s norm listed companies are required to have a minimum of 25% public shareholding by June this year.
Novartis India is engaged in manufacturing and marketing of drugs, pharmaceutical products and formulations for consumer healthcare and animal healthcare.
