Prism Johnson Ltd to sell freehold land parcel to The Ramco Cements Ltd

Prism Johnson Ltd is holding a mining lease for limestone in Kalvatla & Kotapadu Villages, Kolimigundla Mandal, Nandyal District, Andhra Pradesh and had proposed to set-up a greenfield cement manufacturing plant. Over the years, the Company purchased various limestone bearing land parcels in the aforesaid villages where the Mining Lease had been granted.

The Company had made every effort to and obtained several approvals for setting up of the plant. However, the Company's present priorities do not warrant an investment in setting-up of the plant.

The Board of Directors at its meeting held today has approved the terms and conditions of the definitive agreements to be executed with The Ramco Cements Limited ('TRCL') in relation to sale of certain freehold land parcels aggregating 1420.72 acres approximately ('Land Parcels') located in the villages of Kotapadu and Kalavatla, Kolimigundla Mandal, Nandyal District, Andhra Pradesh, along with compensation for release of rights in Government alienated land and pre-operative expenses, interest thereon, etc.

The Board has also approved the transfer of a mining lease granted by the Government of Andhra Pradesh to TRCL over an extent of 663.46 Ha. ('Mining Lease') located in the villages of Kotapadu and Kalavatla, Kolimigundla Mandal, Nandyal District, Andhra Pradesh.

Upon completion of conditions as per the definitive agreements to be executed with TRCL, the Mining Lease and Land Parcels would stand transferred from the Company to TRCL. The said transaction is expected to be completed by July 31, 2023, subject to customary approvals, if any.

Shares of Prism Johnson Limited was last trading in BSE at Rs. 132.65 as compared to the previous close of Rs. 132.20. The total number of shares traded during the day was 14579 in over 434 trades.

The stock hit an intraday high of Rs. 134.80 and intraday low of 131.50. The net turnover during the day was Rs. 1947716.00.

Source : Equity Bulls

Keywords

PrismJohnson INE010A01011 LandSale Limestone TheRamcoCements