Siemens Limited's Board of Directors approves sale and transfer of low voltage motors and geared motors business This is to inform you that the Board of Directors of the Company, based on the recommendations of the Committee of Directors and the Audit Committee, at its meeting held today has approved the sale and transfer of the Company's low voltage motors and geared motors businesses including the respective customer service business ('the Business') (forming part of the Company's Digital Industries business) to Siemens Large Drives India Private Limited, (a subsidiary of Innomotics GmbH, (formerly Siemens Large Drives GmbH), which in turn is a subsidiary of Siemens AG), as a going concern on a slump sale basis, with effect from 1st October, 2023, subject to fulfilment of conditions precedents as may be agreed between the parties, including receipt of requisite shareholders, regulatory and statutory approvals, as applicable, for a cash consideration of INR 22,000 million (Indian Rupees Twenty Two Thousand million), subject to adjustment for the change in net current assets subsequent to 31st March, 2023 up to the date of actual transfer of the Business. The consideration has been arrived at on the basis of an independent valuation of the Business as of 31st March 2023, conducted by Grant Thornton Bharat LLP. The fairness opinion on the valuation is provided by ICICI Securities Limited, a category - I merchant banker. Please find enclosed the following: (a) Disclosure pursuant to Regulation 30 of the Listing Regulations read with SEBI Circular CIR/CFD/CMD/4/2015 dated 9th September 2015; and (b) A copy of the press release issued by the Company. In addition, the Board of Directors has also decided to consider the distribution of 100% of the sale consideration as reduced by applicable Capital Gains Tax, and any other applicable taxes, if any, on the transaction, as a special dividend, at the first Board Meeting after completion of the proposed transaction. In this connection, the trading window under the Company's Code of Conduct for Prohibition of Insider Trading was closed from 17th May, 2023 and shall remain closed until 21st May, 2023 (both days inclusive). In this connection, the trading window under the Company's Code of Conduct for Prohibition of Insider Trading was closed from 17th May, 2023 and shall remain closed until 21st May, 2023 (both days inclusive) (As Per BSE Announcement Dated on 28.07.2023)