21% rise in 2 days! After divestment deal with Paytm, Prism Johnson buys 35% stake of Sanskar Ceramics

Prism Johnson has increased its shareholding to 50% from the previous 15% in Sanskar Ceramics.

Jul 07, 2020 02:07 IST India Infoline News Service

Bull Market
The start of this week's trading session has given some major gains to Prism Johnson investors on Dalal Street. Continuing its upward trend, Prism stock was trading at an upper price band of Rs53.35 per piece, surging by 10% on Sensex at around 2.18 pm. The rise in Prism stock can be attributed to an acquisition announcement.

On Tuesday, Prism announced that they have acquired 35,00,000 equity shares constituting 35% of the shareholding of Sanskar Ceramics Private Limited. The acquisition was carried for consideration of Rs12.95cr.

With the latest acquisition, Prism Johnson has increased its shareholding to 50% from the previous 15%.

On Monday, the company also announced that the board of directors have approved 51% of the paid-up equity share capital in its material subsidiary Raheja QBE General Insurance to QORQL Private Limited, a technology company with a majority shareholding of Vijay Shekhar Sharma and remaining held by his company Paytm.

Following the deal announcement with Paytm, Prism stock had touched an upper circuit of Rs48.50 per piece on Sensex. Last week on Friday, the stock stood at Rs44.1 per piece.

That said, from July 03 till date, the stock has gained by as much as 20.97% on Sensex.

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