True North Divests 45% Stake in Shree Digvijay Cement to Piramal-Bain JV for Rs 578 Crore

In a significant ownership shuffle, homegrown private equity powerhouse True North has offloaded a commanding 45.1% stake in

ment Company Ltd. through open market deals on the BSE, paving the way for a strategic infusion from the India Resurgence Fund ecosystem. The transaction, executed on December 18, saw True North Fund VI LLP—its sole promoter arm and a Category II AIF—dispose of 6.67 crore equity shares, representing 45.12% of the company's paid-up capital, for a total consideration of Rs 578.5 crore at an average price of Rs 86.7 per share. The shares changed hands to a trio of funds under the India Resurgence umbrella: Scheme 1, India Resurgence Fund 2 - Scheme 4, and India Resurgence Fund 2 - Scheme 2. These entities are backed by a 50:50 joint venture between Piramal Enterprises and Bain Capital Credit, signaling robust institutional interest in the cement sector's consolidation play. Shree Digvijay Cement's stock closed the session at Rs 90.16, edging up 0.88% on amplified trading volumes, though it has traded sideways since September amid broader market headwinds. The Gujarat-based firm, known for its eco-friendly clinker production, now sees a fresh chapter under the new stakeholders, who bring deep pockets and sector expertise to fuel growth in India's infrastructure boom. Analysts eye potential synergies, with the deal underscoring PE's pivot toward value-unlocking exits in traditional industries.