Prism Johnson to Sell Entire Stake in Joint Venture RQBE

MT Newswires Live

Mar 02

Integrated building materials company Prism Johnson (NSE:PRSMJOHNSN, BOM:500338) has agreed to sell its entire 51% stake in its subsidiary RQBE to its joint venture partner Australia's QBE (ASX:QBE), for 3.24 billion Indian rupees, according to a Monday filing to the Indian stock exchanges.

The proposed transaction will lead to the termination of the company's joint venture with Australia's QBE Group in the general insurance business in India.

The total amount to be received by the company for the deal is subject to certain adjustments on the completion of the transaction.

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