Rajan Raheja group has sold off its entire stake of 29.79 per cent in Norcros plc, an LSE-listed and brand owner of Johnson tiles and Triton bathroom accessories, for £26.55 million.
Sale proceeds
According to sources, the sale proceeds would be used to reduce Prism’s borrowings (as on March 31, 2013) of Rs 1,609.30 crore.
Raheja-controlled (74.87 per cent) Prism Cement Ltd said on Thursday that Lifestyle Investments Pvt Ltd (LIPL), its wholly-owned overseas subsidiary, has sold its holding of 145,707,247 shares in Norcros Plc for a net consideration of £26.55 million.
LIPL disposed of a share at a price of 18.5 pence. Post liquidation, LIPL does not hold any shares of Norcros Plc. LIPL’s capital gain on this transaction would be around £12.8 million, Prism said.
Norcros plc informed the LSE that Vijay Aggarwal, representing the interests of LIPL on its board, would resign as a non-executive director from 20 September.
Johnson brand
In India, Prism owns the Johnson brand and manufactures tiles and bathroom accessories. Rahejas had acquired H&R Johnson and merged it with Prism.
The Prism stock closed at Rs 20.55, up 2.43 per cent, on the BSE on Thursday.
jayanta.mallick@thehindu.co.in
Published on September 19, 2013
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