Prism Cement to merge H&R Johnson and RMC Readymix with itself
November 18, 2009
Prism Cement Ltd on Wednesday said that it will merge H&R Johnson (India) Ltd and RMC Readymix (India) Pvt Ltd with itself.
The shareholders of the company at their meeting held yesterday have approved the scheme of amalgamation of H&R Johnson (India) and RMC Readymix (India) with the company, Prism Cement said in a filing to the BSE.
Last month, the Andhra Pradesh High Court had asked Prism Cement to call for a meeting of its shareholders to consider and approve, if thought fit, the scheme of amalgamation between H&R Johnson and RMC Readymix with itself.
H&R Johnson (India) is a tile manufacturing company offering a wide range of wall and floor tile products across various segments and RMC Readymix (India) is a producer of ready-to-mix concrete.
For the quarter to end-September, Prism Cement reported a 133% higher net profit of Rs34.90 crore on 40% increase in sales to Rs228.40 crore. -Yogesh Sapkale[email protected]