“The purchase price reflects a customary discount of 15% on the 5-trading-days volume-weighted average price before the day of signing,” said Siemens AG.
Siemens shares rallied around 4% to Rs 3566.50 on BSE following the news.
September quarter shareholding pattern shows that Siemens Energy owned a 24% stake in Siemens Ltd, while Siemens International owned 47.70% in the company. The remaining 3.3% stake is owned by Siemens Metals Technologies, which is also a promoter group company.
Earlier in the day, Siemens Energy said it is reviewing the structure of Siemens Gamesa in a bid to return to profit the struggling wind division which caused a €4.6 billion ($5.0 billion) annual net loss for the group.
Siemens Gamesa once considered the future growth driver for Siemens Energy, has become a millstone around the group’s neck after deeper-than-expected wind turbine quality issues were disclosed in June.The division is now only expected to break even in the 2026 fiscal year, Siemens Energy said.A day earlier, Siemens Energy secured a €12 billion credit line from private banks that were partly backstopped by the German government, removing a major concern for investors who feared the group could lose out on business as a result.
The group, which was spun off from Siemens AG in 2020, said it made no further provisions for faulty onshore turbine platforms following an analysis of its fleet. The group in August set aside 1.6 billion euros to tackle the issue.
(Inputs from Reuters)
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