From Gujrat HC, Siemens Healthcare gets merger nod
March, 03rd 2011
Siemens Healthcare Diagnostics today said it has received approval from the Gujarat High Court for its merger with Siemens Ltd.
"The Hon'ble High Court of Gujarat has sanctioned the Scheme of Amalgamation of the company with Siemens Ltd, Mumbai, on March 1, 2011," Siemens Healthcare Diagnostics said in a filing to the Bombay Stock Exchange (BSE).
The company further added that it had already received similar approval from the Bombay High Court on January 28, 2011.
Siemens Ltd is the Indian arm of Siemens AG, a German infrastructure solutions company, which recently announced an open offer to buy nearly a 20% stake in Siemens Ltd at a price of Rs 930 per share, translating into a total cost of Rs 6,200 crore.
"The said amalgamation will be effective only after the certified copies of the orders of both the High Courts are filed with the respective registrar of the companies," Siemens Healthcare Diagnostics said.
Shares of the company were being quoted at Rs 1,651 apiece in afternoon trade on the BSE today, up 2.99% from the previous close.