Siemens India’s promoter group rejigged its holding in the company as the German parent Siemens AG transferred 24% stake in the Indian arm to subsidiary Siemens Gas and Power Holding BV in line with the conglomerate’s global strategy.
The overall holding of the parent group remained unchanged at 75%. Last year, Siemens AG announced that it will carve out its gas and power business, which has dragged its overall performance, into a separate subsidiary. Siemens did not demerge the gas and power business in India and instead transferred 24% stake to the holding company for this business.
“The proposed transaction is an inter-se transfer between members of the promoter/promoter group. As disclosed, Siemens Gas and Power Holding BV, a wholly-owned subsidiary of Siemens AG, proposes to acquire 24% of the equity share capital of Siemens Limited, India from Siemens AG,” Siemens India said in an email response to ET’s query.
Shares of Siemens India were trading at Rs 1,019.90 on BSE, up 2.3% from the previous close at 2:50 pm.