Prism Johnson Ltd acquires 50% stake in Sunbath Sanitary Pvt Ltd

Prism Johnson Ltd has entered into a Shareholders Agreement with Sunbath Sanitary Private Limited ('Sunbath'), a company engaged in manufacturing of sanitaryware at Morbi, Gujarat. The Company has made an investment of ₹ 18.72 Crores by subscribing to equity shares, constituting 50% of the issued and paid-up capital of Sunbath on a fully diluted basis.

The arrangement will help the Company with uninterrupted supply of sanitaryware in a continuous growing market at a competitive price.

Since completion of this transaction, Sunbath has become a Joint Venture of the Company, wherein the Company holds 50% of equity share capital on a fully diluted basis.

Sunbath was incorporated under the provisions of the Companies Act, 2013 as a private limited company on March 8, 2021 having its registered office Survey No. 249p1, B/h The Grand Imperial Hotel NH27, Vill. Dhuva, Tal. Wankaner, Dist-Morbi, Rajkot, Dhuva, Gujarat, India, 363623. Sunbath is engaged in the business of manufacturing of sanitaryware at Morbi, Gujarat.

Sunbath has built state of the art manufacturing plant operating at an annual production capacity of approx. 11,000 tonnes.

Shares of Prism Johnson Limited was last trading in BSE at Rs. 161.50 as compared to the previous close of Rs. 161.65. The total number of shares traded during the day was 10287 in over 368 trades.

The stock hit an intraday high of Rs. 163.75 and intraday low of 160.80. The net turnover during the day was Rs. 1670806.00.

Source : Equity Bulls

Keywords

PrismJohnson INE010A01011 Acquisition SunbathSanitary