PE-VC Fund Investments
India Resurgence Fund acquires True North's stake in Shree Digvijay Cement
BSE Announcement Economic Times
TrueNorth, existing PE investor in publicly listed Shree Digvijay Cement has offloaded its 7.42 crore shares (representing a 50.1% stake) through a secondary transaction worth INR 631 crore to India Resurgence Fund (IRF). The deal has triggered an open offer, priced at INR 92.2 per share.Cyril Amarchand Mangaldas advised TrueNorth, and Trilegal advised India Resurgence Fund (IRF) for this transaction.
In Apr 2019, Shree Digvijay Cement Company had attracted about USD 19 M from TrueNorth in return for a majority stake.For FY24, Shree Digvijay Cement Company had reported about INR 792 Cr in Operating Income and about INR 88 Cr in PAT.
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