Siemens Energy India shares list on exchanges post demerger

New Delhi, Jun 19 (PTI) Shares of Siemens Energy India Ltd (SEIL) got listed on the stock exchanges on Thursday after the demerger of energy business of Siemens Ltd.

The stock of Siemens Energy India Ltd began the trade at Rs 2,850 on the BSE. Later, it hit the upper circuit limit of Rs 2,992.45, rallying 5 per cent from the opening price. Shares of the firm later ended at Rs 2,738.35 apiece, down 3.92 per cent.

On the NSE, shares of the firm opened at Rs 2,840 and later jumped 5 per cent to hit the upper circuit limit of Rs 2,982 in intra-day trade. The stock ended at Rs 2,735 each, lower by 3.69 per cent.

The company's market valuation stood at Rs 97,518.26 crore.

In December 2023, Siemens Ltd said its board has approved the demerger of its energy business into a separate entity.

While Germany-based Siemens AG and its subsidiaries hold 69 per cent stake in SEIL, subsidiaries of Siemens Energy AG hold 6 per cent, with the remainder in free float.

With the listing, SEIL is now positioned to operate with greater agility, transparency, and strategic focus, ready to lead in one of the world's most dynamic and fast-growing energy markets, a company statement said.

The company supports the integration of renewable energy, modernisation of the national grid, and decarbonisation of key industries.

"With this listing, we reaffirm our long-standing commitment to India's energy future. As India advances toward becoming a USD 7 trillion economy, a strong and resilient energy system will be essential. SEIL, with its dedicated team, is ready to support this important journey for India and its people," its MD and CEO Guilherme Mendonca said. PTI ABI SUM SUM SHW