The board of directors of Siemens, which met today, has cleared proposals to acquire majority stakes in Seimens Public Communication Networks, Bangalore (SPCNL) and Siemens Shared Services, Bangalore (SSSPL).According to a release issued to the BSE today, the board cleared a proposal to buy out Siemens AG from SPCNL for Rs 195 crore i.e Rs 157 per share. "SPCNL is engaged in the business of providing network equipment including supply, design and installation. The portfolio consits of wireline, transmission, access, mobile & IP products," the release said.The board also approved a plan to acquire 51% stake, i.e. 2,12,33,800 equity shares of Rs 10 each in SSSPL, from Siemens Shared Services LLC, USA/Siemens AG and nominees for a consideration of Rs 11.10 crore. "The balance 49% of SSSPL is held by Siemens Information Systems, a 100% subsidiary of the company," the release said.SSSPL is engaged in the business of providing back office and customer contact services to Siemens' companies in the US, the release added.
