Siemens, a leading technology enabled solutions provider, said Friday the board has determined the consideration for the sale and transfer of the Metals Technologies business at Rs 8.57 billion.

Earlier on Thursday, the company board gave in principle approval for the sale and transfer of the MT Business to 'Siemens Postal and Parcel Logistics Technologies' (proposed to be renamed), a 100% subsidiary of Siemens AG, Germany. The sale will exclude service portion of electrics & automation business. 

The proposed sale and transfer of the MT Business of the company is subject to the approval of the shareholders, by way of a Postal Ballot and all other requisite approvals from statutory and regulatory authorities.

Shares of the company declined Rs 25.1, or 2.85%, to trade at Rs 854.40. The total volume of shares traded was 32,158 at the BSE (2.49 p.m., Friday).