Germany based Novartis has hired Citigroup Capital Markets India as a sole broker for the proposed share sale to reduce stake in its Indian entity.
Earlier, in March Novartis India had announced that parent Novartis AG intends to reduce its stake in the Indian entity to enable it to meet Securities and Exchanges Borad of India's guidelines on the minimum public shareholding in the listed companies.
As of March 31, Novartis AG held 76.42 percent stake in Indian subsidiary. According to SEBI's norm listed companies are required to have a minimum of 25 per cent public shareholding by June this year.
Must read: No respite seen in SEBI's 25% minimum float norm: Mayaram
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