Friday 15 April 2011

Siemens increases stake in Indian company to 75%

German engineering firm Siemens AG have increased their stake in publicly listed Siemens Ltd. India.

Having held 55.3% of shares, the company acquired an additional stake of 19.7% to take their overall share of 75%, after the offer period closed on Wednesday.

Siemens say this move will enable them to successfully further develop its business in India.

In January the company offered the shareholders 930 rupees (£12.80) per share and was 28% above the closing share price on January 28, 2011.

Last year Siemens Ltd. India generated revenue of more than £1.2 billion and a profit from operations of about £165 million.

The shares are traded on the National Stock Exchange of India Ltd. and the Bombay Stock Exchange Ltd.