Siemens India share price rises over 7% on NCLT approval for energy business demerger; check record date

The stock rose as much as 7.47% to ₹5,501.7 per share on the National Stock Exchange (NSE). At 11:11 am, it was up 6.42% to ₹5,448 apiece.

In an exchange filing, the company said that the NCLT has sanctioned the demerger of Siemens Energy India Ltd from Siemens.

Siemens demerger record date

As per the scheme of the arrangement, shareholders of Siemens will get one fully paid-up equity of Siemens Energy for every share they hold in the company as of the record date.

The record date for determining the shareholders to whom equity shares of Siemens Energy would be allotted has been fixed as April 7.

The appointment date of the demerger is March 1, and the effective date of the demerger is March 25.

The company also informed that Guilherme Vieira De Mendonca, who was leading the firm's energy business, has been transferred to Siemens Energy. He has been appointed as the managing director and chief executive officer.

Harish Shekar will be the executive director and chief financial officer of the new demerged entity.

Siemens financials

In the latest December quarter, the company had reported a 21.5% increase in its profit after tax to ₹614.6 crore. The post-tax profit was ₹505.7 crore in the year-ago period.

Revenue from operations declined 3.29% to ₹3,587.2 crore in the October-December quarter, compared to ₹3,709.5 crore a year back.

Earnings before interest, taxes, depreciation, and amortisation (EBITDA) fell 11.5% to ₹401 crore in the quarter under review from ₹453 crore in the corresponding period last fiscal.

In the reporting quarter, the company secured new orders worth ₹4,258 crore, reflecting an increase of 20% year-on-year (YoY).