True North sells over 45% stake in Shree Digvijay Cement Company to India Resurgence Fund

Leading home-grown private equity firm True North managed alternative investment fund, the only promoter entity, has sold 45.1 percent equity stake in Shree Digvijay Cement Company via open market transactions on December 18.

Shree Digvijay Cement Company shares finished the session at Rs 90.16, up 0.88 percent amid significantly higher volumes on the BSE, but remained in a range since September.

Promoter True North Fund VI LLP, the category II Alternative Investment Fund (AIF) managed by Indian private equity firm True North, sold 6.67 crore equity shares (equivalent to 45.12 percent of paid-up equity) for Rs 578.5 crore on the BSE.

However, India Resurgence Fund - Scheme 1, India Resurgence Fund 2 - Scheme 4, and India Resurgence Fund 2 - Scheme 2, which all are owned by sponsors Piramal Enterprises, and Bain Capital Credit with 50:50 joint venture, acquired all those shares sold by True North in Shree Digvijay Cement Company.

The above transaction has taken place at a price of Rs 86.7 per share.

As of September 2025, True North as a sole promoter held 54.66 percent stake in Shree Digvijay Cement Company, which has been selling products under the "Kamal Cement" brand and began operations in 1944.

Back in November 2018, True North had signed an agreement to buy Brazilian firm Votorantim Cimentos’ direct and indirect 75 percent stake in Shree Digvijay Cement Company. True North 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 a stock exchange filing by the cement player.

Meanwhile, Bhavish Aggarwal, the founder and promoter, sold 2.83 crore equity shares (0.64 percent stake) in Ola Electric Mobility, the electric scooter maker, for Rs 90.3 crore at Rs 31.9 per share.

Bhavish has been selling nearly 2.2 percent stake in Bengaluru-based Ola in last three straight sessions, valuing at Rs 324 crore.

Ola Electric shares corrected 5 percent to finish at Rs 31.26, the lowest all-time closing level on Thursday.

Further, SG Finserve remained in focus, rising 2.25 percent to Rs 408.35, continuing uptrend for another session. Promoter S Gupta Holding has acquired 3 lakh shares (0.53 percent stake) for Rs 12.16 crore, at Rs 405.46 per share, in addition to 0.84 percent stake bought in previous session.

National Stock Exchange of India sold 1.09 lakh shares in Shyamkamal Investments for Rs 11.85 lakh at Rs 10.78 per share.