Prism Johnson Limited has informed the Exchange regarding Outcome of Board Meeting held on March 02, 2026 about divestment of its stake in Raheja QBE General Insurance Company Limited, a material subsidiary of the Company.
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Prism Johnson Limited's Board has approved selling its entire 51% stake in material unlisted subsidiary Raheja QBE General Insurance Company Limited (RQBE) to existing partner QBE Holdings (AAP) Pty Limited for Rs. 324 Crores, subject to adjustments. RQBE contributed 6.82% of consolidated turnover (Rs. 498.91 Cr) and 17.16% of consolidated net worth (Rs. 253.66 Cr) as on March 31, 2025. The transaction will end Prism Johnson's joint venture with Australia's QBE Group in the Indian general insurance business, with RQBE ceasing to be a subsidiary post-completion. The deal needs shareholder approval via postal ballot, IRDAI approval, and other regulatory clearances, with expected completion within 9 months. The transaction is not a related party transaction.
Prism Johnson will receive Rs. 324 Crores in cash which could strengthen its balance sheet and be deployed in its core businesses (cement, tiles, ready-mix concrete). The exit from a non-core insurance JV simplifies the business portfolio and removes regulatory complexities of running an insurance subsidiary, but also means loss of ~6.8% of consolidated revenue contribution.