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Chennai April 13 VA Tech Hydro GmbH of Germany has exited Easun Reyrolle Ltd, selling all but 0.5 per cent of 12.07 per cent stake it held in the company.

The German company, part of the Siemens group, had a 23.54 per cent stake in the Chennai-based Easun Reyrolle, which produces electrical power transmission products.

After Siemens acquired VA Tech Hydro, it had to make an open offer to acquire another 20 per cent from the public. However, Easun Reyrolle refused to allow this. Under the rules of the Foreign Investment Promotion Board, Siemens could not go ahead with the open offer without Easun's permission.

Over the last six months, VA Tech has been selling off its holding in Easun. On Thursday, it sold in the open market 38,5182 shares, keeping only 16,609 shares with itself.

Easun Reyrolle's shares today closed on the NSE at Rs 704, 6.06 per cent higher than the previous closing of Rs 663.80.

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