Siemens Ltd today said it would seek shareholders nod next month for the merger of Siemens Power Engineering with itself.
"The Board of the company (Siemens) would meet on April 11 to seek shareholders' approval for the purpose of considering amalgamation of Siemens Power Engineering Pvt Ltd with Siemens Ltd," Siemens informed the BSE today.
Siemens received its board's approval for the proposed amalgamation last month.
Under the share swap ratio for the proposed scheme of amalgamation, the shareholders will be offered 6 equity shares of the face value of Rs 2 per piece of Siemens for every 13 equity shares of the face value of Rs 10 per piece of Siemens Power Engineering.
Siemens AG, the promoter of the company, owns 75% in Siemens Power Engineering, and the scheme has a mechanism to ensure that the public shareholding of 25% would be maintained at all times pursuant to the requirement of the listing agreement.
Shares of Siemens were trading at Rs 773.15 on the BSE in the afternoon trade, down 0.27% from the previous close.