Prism Johnson Sells Part of Tile Plant Premises to JSW Steel for ₹164.63 Cr

Team Finance Saathi

04/Feb/2025

What's covered under the Article:

Prism Johnson finalizes sale of part of its industrial property to JSW Steel.
The transaction is valued at INR 164.63 crores and will complete by February 8, 2025.
Proceeds from the sale will be used for debt repayment, with no impact on the HRJ division.

Prism Johnson Limited has announced that it has entered into definitive agreements with JSW Steel Limited for the sale of part of its industrial premises located at the tile plant in Pen, Raigad, Maharashtra. The sale, valued at INR 164.63 Crores, is scheduled to be completed by February 8, 2025.

Transaction Details:

Parties Involved: Prism Johnson Limited and JSW Steel Limited
Property Sale: Part of the industrial premises at the Pen tile plant.
Sale Consideration: INR 164.63 Crores
Completion Date: On or before February 8, 2025.
Sale Terms: The transaction is to be completed on an ‘as is where is’ basis.

Purpose of Sale

The primary reason for this transaction is to monetize the industrial premises, with the proceeds being directed towards debt repayment. It has been emphasized that this move will not have any adverse effect on the HRJ Division of the company.

Agreement Specifics:

The transaction does not involve any related-party transactions, as JSW Steel is not related to the promoter or promoter group of Prism Johnson.
The transaction does not entail any issuance of shares and no significant changes in the capital structure are expected.

Impact on the Company

The sale is part of a strategic financial move aimed at managing the company’s debt obligations, and it will not impact the company’s ongoing operations or business activities.

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