Team Blitz India
NEW DELHI: Siemens AG will buy 18 per cent share from Siemens Energy in their Indian joint venture, Siemens Ltd for $2.28 billion, reflecting a 15 per cent discount on their average price.
“The purchase price reflects a customary discount of 15 per cent on the 5-trading-days volume-weighted average price before the day of signing,” said Siemens AG in a statement, according to a report in news agency Reuters.
Siemens Ltd shares were last seen trading 2.39 per cent higher at Rs 3,499.95 today. At this price, the company’s turnover came at Rs 12.24 crore with a market capitalisation (m-cap) of Rs 1,24,640.31 crore.
This development comes after the news agency reported earlier this month that Siemens AG is seeking a discount from Siemens Energy for any possible purchases of shares in their Indian joint venture Siemens Ltd. It was then reported that Siemens AG hoped for a discount of around 15 per cent. The asset’s valuation has more than doubled since 2020.