Cyril Amarchand Mangaldas is advising True North Fund VI LLP (“True North“) in relation to their sale of majority shareholding in Shree Digvijay Cement Company Limited, an Indian public listed company engaged in the manufacture of Kamal cement (“Company“), to India Resurgence Fund – Scheme 1, India Resurgence Fund 2 – Scheme 2 and India Resurgence Fund 2 – Scheme 4 (collectively, “India Resurgence Fund”). True North has entered into a share purchase agreement dated September 4, 2025 with India Resurgence Fund (“SPA”).
The SPA contemplates a sale of up to 50.1% of the shareholding held by True North in the Company, and will result in India Resurgence Fund acquiring control of the Company, and consequently, triggering a mandatory open offer under the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. As a result, True North will be de-classified as a public shareholder in the Company. The Transaction is subject to customary conditions precedents, including an approval from the Competition Commission of India.
The transaction was led by Ruetveij Pandya, Partner; Vandana Sekhri, Partner; Molla Hasan, Partner; with support from Abhilasha Malpani, Principal Associate; Sajith Anjickal, Associate; and Nayanika Gupta, Associate.
The Due Diligence team comprised of Siddharth Vedula, Partner; Arun Prabhu, Partner & Co- Head, Digital + | TMT; Lakshmi Rajagopalan, Partner; Molla Hasan, Partner; Bishen Jeswant, Partner; Siddharth Singh, Partner; with support from Naimi Kamdar, Principal Associate; Krithika Radhakrishnan, Principal Associate; Apoorva Sundar, Principal Associate; Lokit Khurana, Senior Associate; Dhrumil Sanghvi, Senior Associate; Anukriti Bhattad, Senior Associate; Abhilash Tyagi, Associate; Kabeer Jay, Associate; Pauravi Kolhe, Associate; Kanishka Iyer, Associate; Jay Bhaskar Sharma, Associate; Rushi Panchal, Associate; and Kanav Khanna, Associate.
Subhalakshmi Naskar, Partner (Co-Head – Projects (Infrastructure); Anand Deshpande, Partner; Nishikant Sao, Partnert-Designate with support from Hrishikesh Jaiswal, Associate; advised on the regulatory aspects of the diligence.
Avaantika Kakkar, Partner (Head — Competition); Dhruv Rajain, Partner; Ananya Mahant, Senior Associate; and Pushkar Singh, Associate; comprised of CCI advisory team.