Private equity firm True North has acquired a 75% stake in Shree Digvijay Cement Company Ltd from Brazil-based Votorantim Cimentos.
True North has also made an open offer to buy the remaining 25% stake in Mumbai-listed Shree Digvijay Cement. The open offer has been made at Rs 23.33 per share, which translates to Rs 83 crore for the 25% stake.
Srikrishna Dwaram, Partner, True North, said, "Votorantim Cimentos has contributed significantly to the strategic initiatives taken at Shree Digvijay Cement over the last few years. This has strengthened its competitive positioning and has greatly improved its operating and financial performance. We are very excited about this opportunity, with fresh investment and new thinking we can create a lot of value for all."
Jorge Wagner, Chief Executive officer of Votorantim Cimentos (Europe, Africa, Asia), stated, "True North is one of India's leading private equity firms. We are confident that the firm will add great value by virtue of being not just a mere investor, but as a true business partner, leveraging the already existing strengths at Shree Digvijay Cement."