Siemens hits 52-week high on board nod for incorporating energy business subsidiary
At the meeting held on Monday, Siemens’ Board of Directors approved to immediately incorporate a wholly owned subsidiary in Mumbai, on account that the ‘Proposed Subsidiary may be required if and when the Board decides to implement the aforesaid demerger’.
Siemens Ltd shares hit a fresh 52-week high of ₹4,245 per piece on BSE on Monday after the company announced that its promoters have requested the Board of Directors to consider a potential demerger of Siemens’ energy business into a separate entity.
The promoters of Siemens include Siemens Aktiengesellschaft, Germany, Siemens International Holding BV and Siemens Energy Holding BV, and Siemens Energy Aktiengesellschaft. They have urged the company’s board to ‘consider and evaluate’ a demerger process for its energy business, the company said in a filing to the stock exchanges.
The company informed the bourses that its Board of Directors have taken a note of the authorised request by the management regarding the examination of a potential demerger of the company’s energy business at the Board meeting held on December 18, 2023, which shall be subject to further consideration and deliberation.
At the meeting held on Monday, Siemens’ Board of Directors approved to immediately incorporate a wholly owned subsidiary in Mumbai, on account that the ‘Proposed Subsidiary may be required if and when the Board decides to implement the aforesaid demerger’.
Siemens has a market capitalisation of ₹1,47,718 crore, and its shares have given healthy returns of 47% so far in the year 2023. In a month’s period, the company’s shares have witnessed a double-digit growth of over 16%.
The technology stock has increased sharply by an impressive 170% over the past three years, and by 44% in one year.
The shares of Siemens Ltd ended close to 6% higher at ₹4,138 per piece on Monday.
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