DSP Merrill Lynch Ltd ("Manager to the Offer") for & on behalf of Novartis AG ("Acquirer") has issued this Public Announcement ("PA") to the shareholders of Novartis India Ltd ("Target Company"), pursuant to and in compliance with among others, Regulation 11(1) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 and subsequent amendments thereto ("SEBI (SAST) Regulations" or "Regulations").
The Offer:
The Acquirer is making a voluntary open offer ("Offer" of "Open Offer") to the shareholders of the Target Company to acquire up to 12,464,710 equity shares of Rs 5/- each of the Target Company ("Shares"), representing up to 39% of the equity share capital of the Target Company. Upon completion of the Offer, assuming full acceptance of the offer, the Acquirer will hold 28,742,147 Shares in the Target Company representing 89.93% of the equity share capital of the Target Company.
The Offer is being made at a price of Rs 351.00 (Rupees Three Hundred & Fifty One only) for each Share ("Offer Price"), to be paid in cash, in accordance with the provisions of the Regulations & subject to the terms & conditions mentioned in PA & the terms & conditions that will be set out in the letter of offer in relation to the Offer ("Letter of Offer").
| NIFTY 
