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Last Updated : Sep 12, 2012 10:44 AM IST | Source: Reuters

Siemens to sell some Indian unit shares for up to $50m

German engineering conglomerate Siemens AG is selling a 1.2% stake in its Indian unit Siemens Ltd in a deal that is expected to raise up to USD 50 million, according to a term sheet seen by Reuters.


German engineering conglomerate Siemens AG is selling a 1.2% stake in its Indian unit Siemens Ltd in a deal that is expected to raise up to USD 50 million, according to a term sheet seen by Reuters.


Nearly near million shares of Siemens India unit, in which the parent has a 75% stake, are being sold to investors in the price band of Rs 649.15 to Rs 698 a share, according to the term sheet.


The stock ended at Rs 698 on Tuesday. Siemens AG's total stake in its Indian unit is valued at USD 3.2 billion at the current market price.


The share offering was launched on Tuesday and is expected to be completed by Wednesday, the term sheet said, adding HSBC was advising the company on the deal.


A spokesman for Siemens' India unit could not immediately be reached by Reuters for a comment.

 



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First Published on Sep 11, 2012 09:42 pm
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