Siemens Limited completed the acquisition of approximately 99.2% stake in C&S Electric Limited from its promoters.
March 28, 2021
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Siemens Limited (NSEI:SIEMENS) entered into a definitive agreement to acquire approximately 99.2% stake in C&S Electric Limited from its promoters for INR 21.2 billion on January 24, 2020. Under the terms of this transaction, Siemens acquires 43,924,114 equity shares plus any additional shares in the target entity that the promoters of the target may own prior to consummation of the proposed transaction. The consideration for this transaction will be paid in cash on a cash free / debt free basis and subject to other adjustments that are mutually agreed between the parties to the transaction. For the year ended March 31, 2019, C&S Electric reported turnover of INR 12.4 billion. This transaction is subject to receipt of requisite regulatory approvals including approval from the Competition Commission of India and fulfillment of condition precedents as agreed between the parties. As of August 20, 2020 Competition Commission of India approved the transaction. the transaction is still is still subject to receipt of other approvals and fulfillment of condition precedents as agreed. The acquisition is likely to be completed by December 2020. Sanjeev Adlakha, Shivaji Bhattacharya and Simran Dhir of S&R Associates acted as legal advisors to C&S Electric Limited.
Siemens Limited (NSEI:SIEMENS) completed the acquisition of approximately 99.2% stake in C&S Electric Limited from its promoters on March 1, 2021. As of March 1, 2021, the trading window under the Company's Code of Conduct for Prohibition of Insider Trading is closed from February 27, 2021 to March 3, 2021 (both days inclusive).
Siemens Limited is one of the Indian's leading manufacturers of electronic and electro-technical equipment. Net sales (not including sold divisions) break down by sector of activity as follows:
- energy (36.1%): integrated products and services for oil and gas production, electricity generation and transmission, etc.;
- electricity transmission and distribution (30.7%): power transmission and distribution systems, electrical installations, miniature circuit breakers, distribution boards, residual current circuit breakers, etc.;
- industry automation (23,8%): industrial automation systems, drive systems, etc. The group also provides engineering, procurement, installation and commissioning of turnkey projects products in the industrial and infrastructure sectors;
- mobility (8.7%): rail vehicles, rail automation systems, rail electrification systems, road traffic management solutions, etc.;
- other (0.7%).
India accounts for 82.2% of net sales.