Siemens to explore demerger of energy business into separate entity

Certain promoters of the Company, namely Siemens Aktiengesellschaft, Germany, Siemens International Holding B.V. and Siemens Energy Holding B.V., and also Siemens Energy Aktiengesellschaft, which is the ultimate parent company of Siemens Energy Holding B.V., have each requested the Board of Directors of the Company ("BoD") to consider, evaluate and thereafter start taking exploratory steps towards a potential demerger of the Company's energy business into a separate entity.

The BoD, at its meeting held today, i.e., 18th December 2023, took note of the above and authorized the Company's management to commence exploratory steps as may be required to examine a potential demerger of the Company's energy business, which shall be subject to further consideration and deliberation to be carried out by the BoD (including Committee(s) thereof) at the relevant point in time and the procedures to be followed by the Company as per applicable laws.

Further, the BoD has approved the immediate incorporation of a wholly owned subsidiary in Mumbai, India ("Proposed Subsidiary"), on the basis that the Proposed Subsidiary may be required if and when the Board decides to implement the aforesaid demerger.

Shares of Siemens Limited was last trading in BSE at Rs. 3903.30 as compared to the previous close of Rs. 3919.05. The total number of shares traded during the day was 10276 in over 1601 trades.

The stock hit an intraday high of Rs. 3954.00 and intraday low of 3867.40. The net turnover during the day was Rs. 40193286.00.

Source : Equity Bulls

Keywords

Siemens INE003A01024 Demerger PowerBusiness