Novartis appoints Citigroup as broker for Indian co share sale

To reduce its stake in Indian entity to enable it to meet Sebi guidelines

Drug major Novartis India today said its Swiss promoter Novartis AG has appointed Citigroup Capital Markets as the broker for the proposed share sale to reduce stake in the Indian entity.

"Novartis AG has appointed Citigroup Capital Markets India Pvt Ltd as the sole broker for the proposed sale of equity shares," Novartis India Ltd said in a regulatory filing.

Earlier, in March Novartis India had announced that Novartis AG intends to reduce its stake in the Indian entity to enable it to meet Sebi guidelines on the minimum public shareholding in the listed companies.

As per the shareholding pattern of the company, as on September 30, 2012 Novartis AG had 76.42 per cent stake in Novartis India.

Market regulator Securities and Exchange Board of India (Sebi has made it mandatory for the listed companies to achieve a minimum of 25% public shareholding by June this year.

Shares of Novartis India were today trading at Rs 581.55 per scrip on BSE, up 0.09 per cent from their previous close.