360 One Group CEO Bhagat Buys 1.3 Lakh Shares of Novartis India for Rs 22 Cr

New Delhi: Karan Bhagat, founder and CEO of 360 One Group, on Monday bought 1.3 lakh shares of Novartis India from his investment firm Kyrush Investments for nearly Rs 22 crore through open market transactions.

Bhagat is a partner in private investment firm Kyrush Investments.

According to the bulk deal data on the BSE, Karan Bhagat purchased 1.3 lakh shares, representing a 0.53 per cent stake in pharmaceutical company Novartis India.

The shares were acquired at an average price of Rs 1,670.52 apiece, taking the transaction value to Rs 21.72 crore.

Meanwhile, Kyrush Investments sold an equal number of shares at Rs 1,670.50 apiece.

Shares of Novartis India settled marginally higher at Rs 1,639.90 apiece on the BSE.

Novartis India Ltd on Monday announced that its board has approved the acquisition of the trademarks ‘Minipress’ and ‘Minipres’ from Pfizer for a total consideration of about Rs 1,250 crore.

In February, Novartis AG agreed to sell its entire 70.68 per cent stake in Novartis India to a consortium led by ChrysCapital, WaveRise Investments and Two Infinity Partners for about Rs 1,446 crore.

However, Novartis AG retained its innovative medicines business in the country through Novartis Healthcare Pvt Ltd.

(Disclaimer: Except for the headline, this article has not been edited by HDFC Sky editorial team and is auto-generated from PTI feed.)