BERLIN (AP) -- Germany's Siemens AG says it launches an offer valued at euro1 billion ($1.36 billion) to increase its stake in its publicly listed Indian subsidiary Siemens Ltd. from currently 55 percent to 75 percent.
The company said Monday it plans to expand its stake in a bid to strengthen its business in India.
The industrial conglomerate, based in Munich, said it will offer shareholders of Siemens Ltd. 930 rupees ($20.30) per share, 28 percent above Friday's closing price of 728 rupees.
It said the offer is expected to open on March 25 pending regulatory approvals, and is scheduled to close on April 13, 2011.
Siemens Ltd. posted a revenue of about 90 billion rupees in its fiscal year 2010 and saw an operational profit of about 12 billion rupees -- then about $150 million.