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German infrastructure solutions company Siemens AG on Monday announced an open offer to buy nearly 20 per cent stake in Indian arm Siemens Ltd at a price of Rs 930 per share, which entails a total cost of Rs 6,200 crore.
This would increase the parent company’s stake in Siemens Ltd to 75 per cent, the company said in a statement.
“The offer includes acquiring up to 6.68 crore equity shares of the company, constituting 19.82 per cent at a price of Rs 930 per equity share in order to consolidate its shareholding in the target company,” it said. Siemens is expanding its stake with the aim of further developing its business in India,” it added.
The offer price is 28 per cent higher than the closing price of Rs 728 on the Bombay Stock Exchange. The offer will open on March 25 and close on April 13. HSBC Securities and Capital Markets Private will manage the issue.
For the year ended September 30, 2010, Siemens Ltd earned a revenue of more than Rs 9,000 crore and a profit from operations of about Rs 1,200 crore.
Siemens AG is engaged in electronics and electrical engineering, operating in the industry, energy and healthcare sectors.
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