Prism Cement sells entire stake in Norcros Plc for Rs 264 cr

Prism Cement's wholly-owned foreign subsidiary LIPL's capital gain on this transaction will be approx. GBP 12.8 million

Prism Cement today said it has sold its entire stake in London Stock Exchange-listed Norcros Plc for GBP 26.55 million (Rs 264 crore), raking in a capital gain of around GBP 12.8 million.

Mumbai-based Prism Cement's wholly-owned foreign subsidiary Lifestyle Investments Pvt Ltd (LIPL) had 145,707,247 shares in Norcros Plc, which deals with showers, bathroom accessories and tiles among others.

"LIPL has sold its present holding of 145,707,247 shares in Norcos Plc, a company listed on the London Stock Exchange for a net consideration of GBP 26.55 million," Prism Cement said in a BSE filing.

"Post the sale, LIPL does not hold any shares of Norcros Plc. LIPL's capital gain on this transaction would be approx. GBP 12.8 million," it added.

As on March, 2013, LIPL had 29.8% stake in Norcros plc.

Norcros, in its website, said LIPL disposed off shares at a price of 18.5 pence per share. Prism Cement's Managing Director Vijay Aggarwal would also resign as a director of the Company with effect from 20 September 2013, it said.

Prism Cement's shares today settled at Rs 29.55 apiece, up 2.43% over the previous closing.