Siemens gains on receiving approval to merge SVAI and Morgan with itself

31 Oct 2011

Siemens is currently trading at Rs. 862.00, up by 10.20 points or 1.20% from its previous closing of Rs. 851.80 on the BSE.

The scrip opened at Rs. 855.90 and has touched a high and low of Rs. 862.70 and Rs. 855.90 respectively. So far 1,362 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 951.00 on 26-Jul-2011 and a 52 week low of Rs. 690.05 on 28-Jan-2011.

Last one week high and low of the scrip stood at Rs. 867.00 and Rs. 814.50 respectively. The current market cap of the company is Rs. 29,333.00 crore.

The promoters holding in the company stood at 75.00% while Institutions and Non-Institutions held 11.63% and 13.37% respectively.

Siemens has received an approval for the proposed scheme of amalgamation of Siemens VAI Metals Technologies (SVAI) and Morgan Construction Company India (Morgan) with the company with the appointed date being October 01, 2011. The board at its meeting held on October 29, 2011 has approved for the same.

The board of directors of the company, after due consideration, approved the share exchange ratio as determined by independent valuer - Grant Thornton. The fairness opinion on the valuation is provided by ICICI Securities, a category - I merchant banker. The share swap ratio for the proposed scheme has been determined as 1,318 equity shares of the face value of Rs 2 each fully paid up of the company for every 100 equity shares of the face value of Rs 100, fully paid up of SVAI.

Further, the proposed scheme is however, subject to the requisite approvals of the respective shareholders / creditors of the company and both transferor companies, other statutory / regulatory authorities in the respective jurisdictions and subject to the sanction/confirmation by High Court of Mumbai and / or any other appropriate authority as may be necessary.

Siemens AG (promoter) currently holds 75% of the equity share capital of the company and the scheme has a mechanism to ensure that the public shareholding of 25% will be maintained at all times pursuant to the requirement of the listing agreement. SVAI is a 100% subsidiary of Siemens AG Company while Morgan is a 100% subsidiary of SVAI.

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