REUTERS - German engineering conglomerate Siemens AG is selling a 1.2 percent stake in its Indian unit Siemens Ltd in a deal that is expected to raise up to $50 million, according to a term sheet seen by Reuters.
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.
The stock ended at 698 rupees on Tuesday. Siemens AG's total stake in its Indian unit is valued at $3.2 billion at the current market price.
The share offering was launched on Tuesday and is expected to be completed by Wednesday, the term sheet said, adding HSBC was advising the company on the deal.
A spokesman for Siemens' India unit could not immediately be reached by Reuters for a comment.
(Reporting by Manoj Dharra and Abhishek Vishnoi; Writing by Sumeet Chatterjee; Editing by Greg Mahlich)