Siemens AG sells nearly 48% stake in Siemens Ltd for Rs 18,237 cr

German conglomerate Siemens Aktiengesellschaft, promoter of Siemens Ltd, on Tuesday offloaded about 47.7 per cent stake in the company, amounting to nearly Rs 18,237 crore, through open market transactions.

Siemens Aktiengesellschaft is the parent company of Siemens Ltd, which is listed in India. As per the block deal data on BSE, Siemens Aktiengesellschaft sold a total of over 16.98 crore shares of its Indian subsidiary at a price of Rs 1,073.5 per scrip.

The total deal value stood at Rs 18,236.93 crore. Through a separate deal, Siemens International Holding BV picked up these shares at the same price.

According to the shareholding data of Siemens Ltd for March 2020 quarter, Siemens Aktiengesellschaft held 71.7 per cent stake in the firm.

Earlier in May, Siemens Aktiengesellschaft had sold Siemens Ltd's shares worth over Rs 8,500 crore, amounting to about 24 per cent stake, to another group firm Siemens Gas and Power Holding BV.

Shares of Siemens Ltd on Tuesday closed 1.68 per cent higher at Rs 1,101.4 on the BSE.