Siemens board okays 51 pc stake divestment in subsidiary

MUMBAI: Diversified firm Siemens on Tuesday said it has divested 51 per cent stake in its subsidiary based in Bangalore to Siemens Corporate Finance.

In a filing to the Bombay Stock Exchange, Siemens said the board has approved the divestment of 51 per cent stake comprising over 21.23 lakh shares in its subsidiary Siemens Information Processing Services.

Siemens Corporate Finance is a 100 per cent subsidiary of Siemens AG.

Further, the board has also approved acquisition of the balance 50 per cent stake in Kolkata-based Flender. Pursuant to the share purchase from A Friedr Flender AG, Flender would be a 100 per cent subsidiary and would be merged with the company.

Further, the company said that Patrick de Royer would cease to be the Executive Director and Director of the company with effect from January 1, 2009.