Prism Johnson Ltd to divest entire stake in Raheja QBE General Insurance COmpany Ltd

The Board of Directors of Prism Johnson Ltd at its meeting held today, has approved divestment of its entire holding of 51% of the paid-up equity share capital in Raheja QBE General Insurance Company Limited ('RQBE'), a material subsidiary, to QORQL Private Limited, a technology company with majority shareholding of Vijay Shekhar Sharma and remaining held by Paytm (owned by One97 Communications Limited), for an aggregate consideration of Rs. 289.68 Crores, subject to receipt of approval by the shareholders of the Company and all other requisite approvals ('Divestment'). The consideration to be received by the Company for the Divestment is subject to certain adjustments which may be carried out between the date of execution of definitive agreement and closure of the sale, and other customary terms for a sale of such nature. The Divestment will result in the termination of the Company's joint-venture with Australia's QBE in the general insurance business in India. Post the Divestment, RQBE will also cease to be a subsidiary of the Company.

Shares of Prism Johnson Ltd was last trading in BSE at Rs.44.1 as compared to the previous close of Rs. 45.8. The total number of shares traded during the day was 26603 in over 322 trades.

The stock hit an intraday high of Rs. 46.25 and intraday low of 43.6. The net turnover during the day was Rs. 1185121.

Source : Equity Bulls

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