Homegrown private equity fund True North will acquire a 75% stake in Shree Digvijay Cement Co. Ltd from Brazil-based Votorantim Cimentos, one of the largest global cement producers in terms of annual installed capacity. True North has made an open offer to acquire a 25.1% stake held by public shareholders for Rs.23.33 a piece, aggregating to Rs.83 cr. Shree Digvijay Cement was set up in 1944. In 2012, Cimentos de Portugal, a Portuguese cement company and the then promoter of the Gujarat-based company, had transferred its stake to Votorantim as part of its global restructuring strategy.
True North to buy 75% of Shree Digvijay Cement from Brazil’s Votorantim Cimentos
Date posted: Wednesday 14 November 2018