Cyril Amarchand Mangaldas advises True North on sale of majority stake in Shree Digvijay Cement

True North Fund VI LLP has entered into a share purchase agreement with India Resurgence Fund to sell its majority shareholding in Shree Digvijay Cement Company Limited, a company engaged in the manufacture of Kamal cement.

The Share Purchase Agreement 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.

Cyril Amarchand Mangaldas is advising True North on this transaction.

The transaction was led by Ruetveij Pandya, Partner; Vandana Sekhri, Partner; Molla Hasan, Partner; with support from Abhilasha Malpani, Principal Associate; Sajith Anjickal, Associate; and Nayanika Gupta, Associate.

The Due Diligence team comprised of Siddharth Vedula, Partner; Arun Prabhu, Partner & Co- Head, Digital + | TMT; Lakshmi Rajagopalan, Partner; Molla Hasan, Partner; Bishen Jeswant, Partner; Siddharth Singh, Partner; with support from Naimi Kamdar, Principal Associate; Krithika Radhakrishnan, Principal Associate; Apoorva Sundar, Principal Associate; Lokit Khurana, Senior Associate; Dhrumil Sanghvi, Senior Associate; Anukriti Bhattad, Senior Associate; Abhilash Tyagi, Associate; Kabeer Jay, Associate; Pauravi Kolhe, Associate; Kanishka Iyer, Associate; Jay Bhaskar Sharma, Associate; Rushi Panchal, Associate; and Kanav Khanna, Associate.

Subhalakshmi Naskar, Partner (Co-Head - Projects (Infrastructure); Anand Deshpande, Partner; Nishikant Sao, Partner-Designate with support from Hrishikesh Jaiswal, Associate; advised on the regulatory aspects of the diligence.

Avaantika Kakkar, Partner (Head – Competition); Dhruv Rajain, Partner; Ananya Mahant, Senior Associate; and Pushkar Singh, Associate; comprised of CCI advisory team.

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