Novartis ups stake

Novartis ups stake

MUMBAI, NOV 30: Novartis India is increasing its stake in Ciba-CKD Biochem to a majority of 78.65% from the current level of of 28.01%.

The board of directors of Novartis India on Thursday approved a proposal to increase the company’s stake in Ciba-CKD Biochem Ltd. The company has said that the increase in holding will be accomplished by purchase of 7,746,900 shares from Chong Kun Dang Corp and 4,030,00 shares from Keenan Ltd at a price of Rs 7.48 per share. Novartis India will pick up the stake for a consideration of Rs 8.80 crore. Novartis Basle holds 6.7 per cent in Ciba-CKD Biochem, while the balance is held by the public.