Industry and infrastructure solutions company Siemens on Monday said that its German parent Siemens AG has made an open offer to buy 19.82 per cent equity in the company at Rs 930 per share.
Following the announcement, shares of Siemens skyrocketed 19.30 per cent to touch an early-high of Rs 867.95 on the Bombay Stock Exchange (BSE).
The surge in the scrip price was boosted by the open offer price, which reflects a premium of 27.83 per cent over the closing price on Friday.
"Siemens AG is making a voluntary offer to the public shareholders of Siemens for acquiring up to 6.68 crore fully paid-up equity shares of the company constituting 19.82 per cent at a price of Rs 930 per equity share in order to consolidate its shareholding in the target company," Siemens said in a filing to BSE.
Pursuant to the completion of the offer, Siemens AG will hold 25.28 crore equity shares in Siemens, representing 75 per cent stake, the filing added.
The open offer will open on March 25 and close on April 13.