Siemens' Indian unit shares fall ahead of $50 mln stake sale

Last Updated: Thu, Sep 13, 2012 18:42 hrs

MUMBAI, Sept 12 (Reuters) - Shares in the Indian unit of Siemens fell as much as 3.7 percent on Wednesday after the German engineering conglomerate is looking to sell a 1.2 percent stake in a deal that could raise up to $50 million.

Nearly 4 million shares of Siemens India unit, in which the parent has a 75 percent stake, are being sold to investors in the price band of 649.15 rupees to 698 rupees a share, according to the term sheet seen by Reuters on Tuesday.

As of 0350 GMT, the Indian unit of Siemens was down 3 percent at 677.25 rupees. (Reporting by Abhishek Vishnoi and Manoj Dharra; Editing by Rafael Nam)

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