Siemens rises 4% as German parent to buy additional 18% stake for $2.28 bn

Shares of Siemens Ltd climbed 4 per cent to Rs 3,566.5 apiece on the BSE in Wednesday’s intraday trade after its German parent Siemens Aktiengesellschaft (Siemens AG) announced to acquire an 18 per cent additional stake in the company for 2.1 billion euros ($2.28 billion).

With this, the company’s total stake in its Indian arm will jump to 69 per cent from 51 per cent at present. Siemens Energy’s stake will decrease from 24 per cent to 6 per cent.

At 2:05 PM, Siemens Ltd was quoting 2.2 per cent at Rs 3,494 per share as against 1 per cent, or 705 points, rally in the benchmark S&P BSE Sensex.