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Novartis raises stake in Indian unit to 76.4%

Novartis raises stake in Indian unit to 76.4%
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First Published: Thu, Jun 25 2009. 10 55 PM IST
Updated: Thu, Jun 25 2009. 10 55 PM IST
Berlin: Europe’s second largest drug maker, Novartis AG, said it completed an open offer to raise its stake in its Indian unit, Novartis India Ltd, to 76.4%.
The increase had a value of about Rs370 crore and boosted the Basel-based company’s holding from 50.9%, Novartis said in an emailed statement.
Almost all large institutional investors and quasi- institutional shareholders participated in the offer, the company said.
The increased holding expands Novartis’ presence in a pharmaceutical market that may triple in size to $16 billion from 2005 to 2015, according to estimates by Deloitte Llp.
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First Published: Thu, Jun 25 2009. 10 55 PM IST