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Siemens Ltd divests stake in IT arm to Siemens AG unit

Siemens Ltd divests stake in IT arm to Siemens AG unit
PTI
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First Published: Fri, Jan 09 2009. 02 37 PM IST
Updated: Fri, Jan 09 2009. 02 37 PM IST
Mumbai: Engineering firm Siemens Ltd has said that it would divest its entire holding in its IT arm to group firm Siemens Corporate Finance.
The board has approved the selling of Semens Ltd’s subsidiary, Siemens Information Systems, to the arm of German engineering firm Siemens AG, Siemens Ltd said in a filing to the Bombay Stock Exchange (BSE).
According to the filing, the board at its meeting has approved the divestment of its 100% stake, comprising of 68.15 lakh shares in the company, to Siemens Corporate Finance, subject to approvals.
In the afternoon trade on the BSE, Siemens was down 11.07% at Rs265.
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First Published: Fri, Jan 09 2009. 02 37 PM IST