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.