Novartis India Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 08, 2009, inter alia, to consider the following:
1. Adoption of Annual accounts for the year ended March 31 2009.
2. Recommend dividend for the year ended March 31, 2009.
When contacted, a Novartis International AG spokesperson told ET that the company would not revise the open offer price.
“There has been a lot of speculation since the offer was announced, pushing the price up. The offer price was at a significant premium to the last traded price of the stock before it was announced,” he said. He also added that Novartis would touch base with the institutional investors of Novartis India shortly.
The promoters hold only 50% Over 21.30 % is held by institutions out of which LIC holds 5.67 %. They are not going to fall for the Open Offer. The Open Offer is destined to be a flop show.
| NIFTY 
