Siemens has informed that the Board of Directors of the Company at its meeting held on March 04, 2016, has approved sale and transfer of its Healthcare undertaking, as a going concern on a slump sale basis, for a cash consideration of INR 30,500 million, to Siemens Healthcare Private Limited, a subsidiary of Siemens AG, Germany. The proposed sale, being a related party transaction under Section 188 of the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘Listing Regulations’) is subject to approval of shareholders of the Company. The said transaction is also subject to requisite approvals from statutory and regulatory authorities, if any. Further, the Board of Directors has also decided to consider the distribution of 50% of the sale consideration as reduced by applicable Capital Gains Tax and Dividend Distribution Tax, as a special dividend, at the first Board meeting after the completion of the Proposed Transaction. In this regard, the Company has issued a Press Release dated March 04, 2016 titled ‘Siemens Limited’s Board of Directors Approve Sale of Healthcare Undertaking for INR 30,500 million’.
The above information is a part of company’s filings submitted to BSE.
