Shree Digvijay Cement Announces Board Changes Following Stake Acquisition
Shree Digvijay Cement Company Limited has announced significant board changes following the completion of a 45.01% stake acquisition by India Resurgence Fund entities from True North Fund VI LLP. The changes include the resignation of Mr. Pramod Kabra and appointment of Mr. Shitij Kale as Additional Director, with all regulatory compliance requirements met.
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Shree Digvijay Cement Company Limited has announced significant board changes following the completion of a major stake acquisition by India Resurgence Fund entities. The changes were approved during a board meeting held on December 18, 2025, from 5:00 PM to 5:35 PM.
Stake Acquisition Details
The India Resurgence Fund entities, comprising India Resurgence Fund-Scheme 1, India Resurgence Fund 2-Scheme 2, and India Resurgence Fund 2-Scheme 4, have successfully completed the acquisition of equity shares from True North Fund VI LLP. The acquisition details are as follows:
| Parameter: | Details |
|---|---|
| Shares Acquired: | 6,67,25,311 equity shares |
| Stake Percentage: | 45.01% of share capital |
| Original Agreement: | Up to 7,42,71,009 shares (50.10%) |
| Seller: | True North Fund VI LLP |
The share purchase agreement was initially executed on September 4, 2025, subject to applicable statutory and regulatory approvals.
Board Changes
Director Resignation
Mr. Pramod Kabra (DIN: 02252403), Non-Executive Non-Independent Director, has tendered his resignation from the board with effect from the close of business hours on December 18, 2025. His resignation was necessitated by True North Fund VI LLP ceasing to be a majority shareholder in the company, as he served as their nominee director.
New Director Appointment
Based on recommendations from the Nomination and Remuneration Committee, the board has approved the appointment of Mr. Shitij Kale (DIN: 08593079) as Additional Director (Non-Executive Non-Independent Director). He will serve as the nominee director representing the India Resurgence Fund entities.
| Appointment Details: | Information |
|---|---|
| Name: | Mr. Shitij Kale |
| DIN: | 08593079 |
| Position: | Additional Director (Non-Executive Non-Independent) |
| Effective Date: | December 18, 2025 |
| Approval Required: | Shareholder approval pending |
Professional Background of New Director
Mr. Shitij Kale brings over two decades of experience in investments, encompassing both buy-side and sell-side roles. His professional background includes:
- Previous Role: Head of M&A for transportation and consumer verticals at Adani Group, overseeing transactions across ports, airports, logistics, roads, city gas distribution, FMCG, and consumer technology
- Banking Experience: Led Infrastructure and Energy Investment Banking practice at Citigroup India, advising on strategic M&A and capital-raising transactions
- Corporate Credit: Worked in corporate credit at DCB Bank
- Board Experience: Served on boards of several companies
Educational Qualifications:
- Master's degree in Business Administration (Finance)
- CFA (India) charter holder
- Chemical Engineer
Regulatory Compliance
The company has confirmed that the board composition continues to comply with requirements prescribed under the Companies Act, 2013 and listing regulations. The board committees have been re-constituted with effect from December 18, 2025, to reflect the directorial changes.
The company has also confirmed that Mr. Shitij Kale is not debarred from holding the office of Director by virtue of any order passed by SEBI or any other authority, in accordance with the circular dated June 20, 2018, issued by the stock exchanges.
Historical Stock Returns for Shree Digvijay Cement Company
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -0.94% | -15.75% | -14.68% | -11.20% | -2.23% | +28.69% |
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