Prism Cement has informed that the Board of Directors of the Company at its meeting held on August 17, 2015, has agreed, in principle, to sell 23% of its holding in the paid-up capital of Raheja QBE General Insurance Company Limited (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 crores). 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%.
The above information is a part of company’s filings submitted to BSE.
