{"id":359685,"date":"2025-09-10T16:30:05","date_gmt":"2025-09-10T11:00:05","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=359685"},"modified":"2025-09-10T16:44:44","modified_gmt":"2025-09-10T11:14:44","slug":"cam-true-north-shree-digvijay-stake-sale","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2025\/09\/10\/cam-true-north-shree-digvijay-stake-sale\/","title":{"rendered":"CAM advises True North in relation to the sale of majority stake in Shree Digvijay Cement Company"},"content":{"rendered":"<div style=\"text-align: justify; line-height: 150%;\">\n<p style=\"margin-bottom: 3%;\">Cyril Amarchand Mangaldas is advising True North Fund VI LLP (&#8220;<span style=\"font-weight: bold;\">True North<\/span>&#8220;) 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 (&#8220;<span style=\"font-weight: bold;\">Company<\/span>&#8220;), to India Resurgence Fund &#8211; Scheme 1, India Resurgence Fund 2 &#8211; Scheme 2 and India Resurgence Fund 2 &#8211; Scheme 4 (collectively, &#8220;<span style=\"font-weight: bold;\">India Resurgence Fund<\/span>&#8221;). True North has entered into a share purchase agreement dated September 4, 2025 with India Resurgence Fund (&#8220;<span style=\"font-weight: bold;\">SPA<\/span>&#8221;).<\/p>\n<p style=\"margin-bottom: 3%;\">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.<\/p>\n<p style=\"margin-bottom: 3%;\">The transaction was led by <span style=\"font-weight: bold;\">Ruetveij Pandya<\/span>, <span style=\"font-style: italic;\">Partner;<\/span> <span style=\"font-weight: bold;\">Vandana Sekhri<\/span>, <span style=\"font-style: italic;\">Partner;<\/span> <span style=\"font-weight: bold;\">Molla Hasan<\/span>, <span style=\"font-style: italic;\">Partner;<\/span> with support from <span style=\"font-weight: bold;\">Abhilasha Malpani<\/span>, <span style=\"font-style: italic;\">Principal Associate;<\/span> <span style=\"font-weight: bold;\">Sajith Anjickal<\/span>, <span style=\"font-style: italic;\">Associate;<\/span> and <span style=\"font-weight: bold;\">Nayanika Gupta<\/span>, <span style=\"font-style: italic;\">Associate.<\/span><\/p>\n<p style=\"margin-bottom: 3%;\">The Due Diligence team comprised of <span style=\"font-weight: bold;\">Siddharth Vedula<\/span>, <span style=\"font-style: italic;\">Partner<\/span>; <span style=\"font-weight: bold;\">Arun Prabhu<\/span>, <span style=\"font-style: italic;\">Partner &amp; Co- Head, Digital + | TMT;<\/span> <span style=\"font-weight: bold;\">Lakshmi Rajagopalan<\/span>, <span style=\"font-style: italic;\">Partner;<\/span> <span style=\"font-weight: bold;\">Molla Hasan<\/span>, <span style=\"font-style: italic;\">Partner;<\/span> <span style=\"font-weight: bold;\">Bishen Jeswant<\/span>, <span style=\"font-style: italic;\">Partner;<\/span> <span style=\"font-weight: bold;\">Siddharth Singh<\/span>, <span style=\"font-style: italic;\">Partner;<\/span> with support from <span style=\"font-weight: bold;\">Naimi Kamdar<\/span>, <span style=\"font-style: italic;\">Principal Associate;<\/span> <span style=\"font-weight: bold;\">Krithika Radhakrishnan<\/span>, <span style=\"font-style: italic;\">Principal Associate;<\/span> <span style=\"font-weight: bold;\">Apoorva Sundar<\/span>, <span style=\"font-style: italic;\">Principal Associate;<\/span> <span style=\"font-weight: bold;\">Lokit Khurana<\/span>, <span style=\"font-style: italic;\">Senior Associate;<\/span> <span style=\"font-weight: bold;\">Dhrumil Sanghvi<\/span>, <span style=\"font-style: italic;\">Senior Associate;<\/span> <span style=\"font-weight: bold;\">Anukriti Bhattad<\/span>, <span style=\"font-style: italic;\">Senior Associate;<\/span> <span style=\"font-weight: bold;\">Abhilash Tyagi<\/span>, <span style=\"font-style: italic;\">Associate;<\/span> <span style=\"font-weight: bold;\">Kabeer Jay<\/span>, <span style=\"font-style: italic;\">Associate;<\/span> <span style=\"font-weight: bold;\">Pauravi Kolhe<\/span>, <span style=\"font-style: italic;\">Associate;<\/span>&nbsp;<span style=\"font-weight: bold;\">Kanishka Iyer<\/span>, <span style=\"font-style: italic;\">Associate;<\/span> <span style=\"font-weight: bold;\">Jay Bhaskar Sharma<\/span>, <span style=\"font-style: italic;\">Associate;<\/span> <span style=\"font-weight: bold;\">Rushi Panchal<\/span>, <span style=\"font-style: italic;\">Associate;<\/span> and <span style=\"font-weight: bold;\">Kanav Khanna<\/span>, <span style=\"font-style: italic;\">Associate<\/span>.<\/p>\n<p style=\"margin-bottom: 3%;\"><span style=\"font-weight: bold;\">Subhalakshmi Naskar<\/span>, <span style=\"font-style: italic;\">Partner (Co-Head &#8211; Projects (Infrastructure);<\/span> <span style=\"font-weight: bold;\">Anand Deshpande<\/span><span style=\"font-style: italic;\">, Partner;<\/span> <span style=\"font-weight: bold;\">Nishikant Sao<\/span>, <span style=\"font-style: italic;\">Partnert-Designate<\/span> with support from <span style=\"font-weight: bold;\">Hrishikesh Jaiswal<\/span>, <span style=\"font-style: italic;\">Associate;<\/span> advised on the regulatory aspects of the diligence.<\/p>\n<p style=\"margin-bottom: 3%;\"><span style=\"font-weight: bold;\">Avaantika Kakkar<\/span>, <span style=\"font-style: italic;\">Partner (Head &#8212; Competition);<\/span> <span style=\"font-weight: bold;\">Dhruv Rajain<\/span>, <span style=\"font-style: italic;\">Partner;<\/span> <span style=\"font-weight: bold;\">Ananya Mahant<\/span>, <span style=\"font-style: italic;\">Senior Associate;<\/span> and <span style=\"font-weight: bold;\">Pushkar Singh<\/span>, <span style=\"font-style: italic;\">Associate;<\/span> comprised of CCI advisory team.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p style=\"font-style: italic;\">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.<\/p>\n","protected":false},"author":67011,"featured_media":359699,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[45282,2],"tags":[68835,88885,30960,85703,88884,88886,88883,85282],"class_list":["post-359685","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-law-firms-news","category-news","tag-cam","tag-cement-industry-deal","tag-cyril-amarchand-mangaldas","tag-ma","tag-majority-stake-sale","tag-private-equity-exit","tag-shree-digvijay-cement","tag-true-north"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>CAM Advises True North on Majority Stake Sale in Shree Digvijay Cement | SCC Times<\/title>\n<meta name=\"description\" content=\"Cyril Amarchand Mangaldas advised True North on the sale 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