An open offer announcement helped Novartis India’s scrip hit the upper circuit of 20 per cent to close the day at Rs 330.70. The company’s parent – Novartis AG -- will make an open offer to acquire up to an additional 39 per cent (the Swiss major already has a 51 per cent stake) at Rs 351 a share.
The deal is worth around Rs 440 crore. The stock sustained the gains throughout the day with trading volumes of 15,899 shares. The scrip made a 52-week high of Rs 332 and a low of Rs 221.