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Siemens to buy telecom subsidiary
MUMBAI,
FEB. 15.
Siemens is to acquire 100 per cent stake in its telecom company Siemens Public Communications Networks Ltd. (SPCNL) and 51 per cent stake in the Bangalore-based Siemens Share Services Pvt Ltd (SSSPL) for a total of Rs. 206.10 crores.
The company would acquire 1.24 crore SPCNL shares from Siemens AG for Rs. 195 crores, which works out to about Rs. 156.94 per equity share of Rs. 10 each, Siemens Managing Director, Juergen Schubert, said in a release here today. Siemens would also acquire a 51 per cent stake in SSSPL from the U.S.-based Siemens Shared Services LLC, Siemens AG and nominees for Rs. 11.10 crores, it added. The company intends to acquire 2.12 crore shares of SSSPL (of Rs. 10 each) at Rs. 52.26 per share, it said. The balance 49 per cent stake of SSSPL is held by Siemens Information Systems, a subsidiary of the company. — PTI
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