NCLT approves capital reduction at C&S Electric subsidiary
SIEMENS · price
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Siemens Limited informed that the NCLT New Delhi has approved reduction of 343,948 equity shares (face value INR 10 each), about 0.78 percent of C&S Electric Limited's paid-up capital, held by Specified Shareholders excluding Siemens. Post reduction, Siemens' stake in C&S Electric will rise from 99.22 percent to 100 percent, making C&S a wholly owned subsidiary. C&S will now take steps to implement the capital reduction as per regulatory requirements.
Simplifies group structure by making C&S Electric a wholly owned subsidiary; minor positive on operational consolidation, no material financial impact.