According to a release issued to the Bombay Stock Exchange on Friday, the sale consideration has been determined on the basis of a valuation report by chartered accountants Bansi S Mehta & Company.
"The consideration will be suitably adjusted to represent any change in net asset value on the date of transaction. The sale will be effective April 1, 2005 or any date thereafter," the release added.
Novartis reported a 55 per cent decline in net profit at Rs 21.80 crore (Rs 218 million) for the third quarter ended December 31, 2004 as against Rs 48.81 crore (Rs 488.1 million) in Q3 FY04.
The total income decreased from Rs 152.48 crore (Rs 1.52 billion) in Q3 FY04 to Rs 140.83 crore (Rs 1.4 billion) in the quarter ended December 31, 2004.