Prism Cement has received in principle approval from its board to sell 23% of its holding in the paid-up capital of Raheja QBE General Insurance Company (Raheja QBE), the general insurance subsidiary, to its existing partner in Raheja QBE, namely the QBE Group, Australia, for a consideration of approximately AUD 21,500,000 (equivalent to approximately Rs 103 crore).
The proposed transaction is subject to execution of definitive documents and applicable approvals. Once the proposed transaction is consummated, the company’s shareholding in Raheja QBE shall stand reduced from 74% to 51%.
Prism Cement is one of India’s leading integrated building materials companies; with a wide range from cement, ready-mixed concrete, tiles, bath products to kitchens.
