At meeting held on 06 July 2020
The Board of Prism Johnson at its meeting held on 06 July 2020 has approved divestment of its entire holding of 51% of the paid-up equity share capital in Raheja QBE General Insurance Company (RQBE), a material subsidiary, to QORQL, a technology company with majority shareholding of Vijay Shekhar Sharma and remaining held by Paytm (owned by One97 Communications), 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.
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