Siemens Limited is trading lower by 3% at Rs 677 on reports that Siemens AG, the promoter of the company, may sell part of its holding.
“Nearly 4 million shares representing 1.2% stake of Siemens India unit, in which the parent has a 75% stake, are being sold to investors in the price band of Rs 649.15 to Rs 698 a share, according to the term sheet,” a Reuters report suggests.
The share offering was launched on Tuesday and is expected to be completed by Wednesday. HSBC was advising the company on the deal, added report. The stock opened at Rs 675 and hit a low of Rs 672 on the BSE. A combined 343,973 shares have changed hands on the counter in opening deals on both the exchanges.