True North Buys 54% In Shree Digvijay Cement, Votorantim Exits
True North acquired 54 percent in Shree Digvijay Cement Company for Rs 119.3 crore in multiple bulk deals.
.jpg?rect=0%2C349%2C4000%2C2250&auto=format%2Ccompress&w=200)
Private equity firm True North bought more than half of Shree Digvijay Cement Company Ltd. as Brazil’s Votorantim Cimentos, the controlling shareholder, exited.
True North acquired 54 percent for Rs 119.3 crore in multiple bulk deals, the cement maker said in an exchange filing. Votorantim Cimentos, one of the world’s largest building materials companies, sold its 75 percent for about Rs 165 crore, exiting India.
Kuber India Fund, too, bought 1.23 percent through open market purchase for more than Rs 3 crore.
True North had in February made an open offer to acquire a 25.1 percent stake held by public shareholders for Rs 23.33 apiece, aggregating to Rs 83 crore, according to the stock exchange filing.
Shree Digvijay Cement provides special cements like oil well Cement, sulphate resisting portland and other varieties of ordinary and portland pozzolana cement. The company is well connected by road and rail and is one of the first cement makers in India to establish its captive jetty.