In a significant development in the Indian cement industry, Shree Digvijay Cement Company Limited has completed a major ownership change. TrueNorth Fund VI LLP, the former promoter, has successfully sold 45.01% of the company's equity to India Resurgence Fund entities, marking the completion of the previously announced share purchase agreement.

Transaction Completion Details

TrueNorth Fund VI LLP has filed a shareholding disclosure under Regulation 30 of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, confirming the completion of the stake sale. The transaction involved the sale of 66,725,311 equity shares representing 45.01% of Shree Digvijay Cement's share capital to India Resurgence Fund entities.

Shareholding Pattern Changes

Following the completion of this transaction, TrueNorth Fund VI LLP's shareholding in Shree Digvijay Cement has been significantly reduced. The fund's holding decreased from 80,825,928 shares (54.52%) to 14,100,617 shares (9.51%). As a result of this sale, TrueNorth Fund VI LLP will be reclassified as a public shareholder of the Target Company.

Share Purchase Agreement Background

The transaction stems from the original share purchase agreement dated September 4, 2025, which was subsequently amended on December 17, 2025. The amendment revised the price per share to ₹86.70 or a lower price as mutually agreed in writing. The fundamental structure of the deal remained unchanged, with the transaction being conducted at arm's length between non-related parties.

Strategic Distribution Agreement

Alongside the ownership change, Shree Digvijay Cement's board has approved a significant distribution agreement with Hi-Bond Cement (India) Private Limited. The company will gain exclusive 10-year cement distribution rights valued at approximately ₹600.00 crore annually, with a refundable deposit of up to ₹400.00 crore to Hi-Bond Cement. Additionally, Shree Digvijay Cement will gain the right to nominate one director on Hi-Bond Cement's board.

Market Impact and Outlook

The completion of this transaction marks India Resurgence Fund's acquisition of control over Shree Digvijay Cement, leading to board reconstitution and reclassification of India Resurgence Fund entities as promoters. The partnership with Hi-Bond Cement through the distribution agreement could potentially enhance Shree Digvijay's market presence and distribution capabilities. This deal represents a significant shift in the ownership and strategic direction of Shree Digvijay Cement, with stakeholders monitoring how these developments will impact market strategies and competitive positioning in the cement sector.

Shree Digvijay Cement Company Limited has announced an extension of the tendering period for its mandatory open offer by India Resurgence Fund entities. The open offer for acquisition of up to 3,85,43,837 equity shares representing 26.00% of the expanded share capital will now close on January 19, 2026, instead of the originally scheduled January 16, 2026.

Open Offer Extension Details

The Securities and Exchange Board of India (SEBI) has permitted the extension through its email dated January 13, 2026, following the declaration of a trading holiday on January 15, 2026 by BSE and NSE due to municipal corporation elections in Maharashtra. Axis Capital Limited, the manager to the open offer, communicated this change to the stock exchanges on January 14, 2026.

Public Notice and Communication

A public notice dated January 13, 2026 has been published in Financial Express (English, all editions), Jansatta (Hindi, all editions), and Navshakti (Marathi, Mumbai edition) on January 14, 2026. The notice will also be published in Nobat (Gujarati, Jamnagar edition) on January 15, 2026.

Original Open Offer Framework

The India Resurgence Fund entities are making this mandatory tender offer to public shareholders following their acquisition of 50.10% stake from True North Fund VI LLP. The Committee of Independent Directors has provided unanimous approval, stating that the offer price of ₹92.20 per share appears fair and reasonable.

Participation Process

Public shareholders can participate through the stock exchange mechanism via BSE and NSE acquisition windows. For dematerialized shares, shareholders must approach their selling brokers to place orders before market hours close on the revised closing date of January 19, 2026. Physical share holders need to submit original certificates along with duly filled Form SH-4 to the registrar MUF Intime India Private Limited.

The Competition Commission of India approval for the underlying transaction was received on November 18, 2025, with no additional statutory approvals required for equity shares validly tendered under this offer.