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Novartis Wants to Raise Stake in Indian Subsidiary

Wed, 03/25/2009 - 4:43am
BASEL, Switzerland (AP) — Swiss pharmaceuticals company Novartis AG said Wednesday it wants to increase its stake in subsidiary Novartis India Ltd. to nearly 90 percent from 50.9 percent. Novartis offered to pay 351 rupees ($6.91) per share, a premium of 27 percent on Tuesday's closing price of Novartis India on the Mumbai exchange. If concluded, the deal would be worth about $87 million.

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