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Latest filing: 2026-07-24 17:45
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24 announcements match the current filters (relevance ≥ 5).
72% Revenue Growth in Q1 FY27 Driven by Hi-Bond Volumes; PAT Drops 50% on Margin Pressure
Shree Digvijay Cement reported a sharp 72% YoY increase in revenue to ₹337.27 cr for Q1 FY27, primarily fueled by the Hi-Bond distribution agreement which contributed 2.49 lac tons to the total 6.06 lac tons volume. However, Profit After Tax (PAT) fell by 50.4% YoY to ₹6.83 cr as EBITDA per ton compressed from ₹701 to ₹500. The scale-up is significant, with quarterly revenue now representing ~45% of the previous TTM revenue of ₹749 cr. Higher input and logistics costs, attributed to geopolitical uncertainties, weighed heavily on the bottom line despite the volume surge.
Confidence: HIGH
What changedThe company has successfully scaled volumes through the Hi-Bond agreement, but profitability has significantly deteriorated due to cost pressures and lower realizations.
Why it mattersThe results confirm the company's ability to capture market share in Western India, but highlight the risk of 'subdued realization' and high input costs impacting the bottom line in a commoditized industry.
Revenue (Q1 FY27): ₹337.27 crRevenue vs TTM: ~45%PAT (Q1 FY27): ₹6.83 crEBITDA per Ton: ₹500Hi-Bond Volume: 2.49 lac tons
📅 Short termThe market may react cautiously to the sharp drop in PAT and EBITDA margins despite the high revenue growth, as profitability remains under pressure.
📈 Long termThe shift to a 3.0 MTPA capacity and the Hi-Bond partnership are structurally transforming the company's scale; however, long-term value creation depends on stabilizing margins and managing the high D/E ratio of 1.40.
⚠ Risk flags
- Significant margin compression (EBITDA/ton down 28%)
- High input and logistics costs
- High Debt-to-Equity ratio of 1.40
Key Highlights
Sales volume jumped 68.8% YoY to 6.06 lac tons from 3.59 lac tons.
Revenue from operations increased 72% YoY to ₹337.27 cr compared to ₹195.95 cr in Jun-25.
EBITDA per ton declined 28.6% to ₹500 from ₹701 in the year-ago period.
Profit After Tax (PAT) decreased 50.4% YoY to ₹6.83 cr from ₹13.79 cr.
Hi-Bond agreement volumes reached 2.49 lac tons, a significant jump from 0.29 lac tons in Mar-26.
👀 What to Watch
Monitor if the company can improve realizations or reduce costs to restore EBITDA per ton, as the current volume-led growth is coming at the expense of margins. Watch for the operational integration of the 3.0 MTPA capacity expansion scheduled for completion.
Q1 Revenue jumps 72% to ₹337 Cr on Hi-Bond volumes; PAT drops 50% to ₹6.83 Cr
Shree Digvijay Cement reported a sharp 72% YoY revenue increase to ₹337.27 Cr for Q1 FY27, driven by a 69% surge in sales volumes to 6.06 lakh tons. This growth was primarily inorganic, fueled by the Hi-Bond Cement distribution agreement which contributed 2.49 lakh tons. However, Profit After Tax (PAT) fell 50% YoY to ₹6.83 Cr as the company faced a massive spike in sub-contracting costs (₹120.92 Cr) and finance costs (₹11.63 Cr). EBITDA per ton compressed significantly to ₹500 from ₹701 in the previous year, reflecting lower realizations and higher input costs.
Confidence: HIGH
What changedThe company has shifted to a high-volume, lower-margin model by leveraging a 10-year distribution agreement with Hi-Bond Cement, nearly doubling its quarterly revenue run rate.
Why it mattersWhile the top-line expansion is aggressive, the sharp drop in profitability and surge in interest costs suggest that the current growth is coming at a high financial cost, impacting shareholder returns in the near term.
Revenue (Q1 FY27): ₹337.27 CrPAT (Q1 FY27): ₹6.83 CrEBITDA per Ton: ₹500Finance Costs: ₹11.63 CrRevenue vs TTM Revenue: 45%
📅 Short termThe market is likely to focus on the 50% decline in PAT and margin compression, which may overshadow the strong revenue growth in the coming weeks.
📈 Long termThe structural shift to 3.0 MTPA capacity and the Hi-Bond partnership could re-rate the business if the company manages to stabilize margins and service its increased debt effectively.
⚠ Risk flags
- Significant margin compression (EBITDA/ton down 28%)
- Sharp rise in finance costs (up 20x YoY)
- High dependency on sub-contracted volumes
Key Highlights
Sales volume increased 69% YoY to 6.06 lakh tons, with 2.49 lakh tons sourced from the Hi-Bond plant.
Revenue from operations reached ₹337.27 Cr, representing approximately 45% of the total TTM revenue in a single quarter.
EBITDA per ton declined by 28.7% YoY to ₹500 from ₹701 in Q1 FY26.
Finance costs surged to ₹11.63 Cr from just ₹0.58 Cr in the year-ago quarter, indicating increased leverage.
Sub-contracting costs for purchased cement stood at ₹120.92 Cr, a new major expense line following the Hi-Bond agreement.
👀 What to Watch
Investors should monitor the company's ability to recover EBITDA margins per ton, which have fallen significantly below historical averages. The key monitorable is whether the high-volume strategy through Hi-Bond can eventually deliver bottom-line growth as operational efficiencies kick in.
Shree Digvijay Cement Appoints Amit Arora as CEO & MD for 5-Year Term
Shree Digvijay Cement Co. Ltd has confirmed that Mr. Amit Arora has officially joined as the Chief Executive Officer and Managing Director effective June 17, 2026. The appointment is for a fixed tenure of 5 years, pending necessary shareholder approval. Mr. Arora will also function as a Key Managerial Personnel (KMP) under the Companies Act, 2013. This announcement follows a previous intimation from May 29, 2026, regarding his selection for the role.
Key Highlights
Mr. Amit Arora (DIN: 11746165) joined as CEO & MD effective June 17, 2026.
The appointment is for a period of 5 years, subject to shareholder approval.
Designated as Key Managerial Personnel (KMP) under Section 203 of the Companies Act, 2013.
The joining date was finalized following an initial board approval on May 29, 2026.
👀 What to Watch
Investors should monitor the company's operational performance and strategic shifts under the new leadership over the coming quarters.
Shree Digvijay Cement Appoints Amit Arora as CEO & MD for 5-Year Term
Shree Digvijay Cement has announced the appointment of Mr. Amit Arora as Chief Executive Officer and Managing Director for a five-year term effective August 24, 2026. Mr. Arora, 43, succeeds Mr. R. Krishnakumar and brings over 20 years of experience from major industry players like Vicat Group and ACC Limited. With an MBA from IIM Indore and a B.Tech in Mechanical Engineering, his expertise spans plant operations, P&L management, and digital transformation. This leadership change is subject to shareholder approval and aims to drive sustainable business growth.
Key Highlights
Mr. Amit Arora appointed as CEO & MD for a 5-year term starting August 24, 2026.
Appointee brings over 20 years of experience in the cement sector, including leadership roles at Vicat and ACC.
Educational background includes a B.Tech in Mechanical Engineering and an MBA from IIM Indore.
The appointment fills the vacancy caused by the resignation of the outgoing MD, Mr. R. Krishnakumar.
👀 What to Watch
Investors should monitor the company's strategic direction and operational efficiency once the new leadership takes charge in August 2026. The appointee's strong professional pedigree from Holcim and Vicat is a positive signal for long-term growth.
Shree Digvijay Cement Appoints Amit Arora as CEO & MD for 5-Year Term
Shree Digvijay Cement has approved the appointment of Mr. Amit Arora as the Chief Executive Officer and Managing Director for a five-year term starting August 24, 2026. Mr. Arora, aged 43, is an industry veteran with over 20 years of experience in the cement sector, having held leadership roles at Vicat Group and ACC Limited. He succeeds Mr. R. Krishnakumar and will focus on plant operations, P&L management, and digital transformation. The appointment is subject to shareholder approval and follows a formal recommendation by the Nomination and Remuneration Committee.
Key Highlights
Mr. Amit Arora appointed as CEO & MD for a fixed 5-year tenure effective August 24, 2026.
Brings over 20 years of cement industry experience from major players like Vicat Group and ACC Limited.
Educational background includes a B.Tech in Mechanical Engineering and an MBA from IIM Indore.
The appointment fills the vacancy created by the resignation of the outgoing MD, Mr. R. Krishnakumar.
👀 What to Watch
Investors should monitor the leadership transition in August 2026 and observe if the new CEO introduces any strategic shifts in operational efficiency or digital initiatives.
Shree Digvijay Cement Q2 PAT Jumps to ₹10.2 Cr; Capacity Doubled to 3 MTPA
Shree Digvijay Cement reported a robust performance for Q2 FY26, with EBITDA surging 129% YoY to ₹20.48 crore and PAT rising significantly to ₹10.23 crore from just ₹0.4 crore last year. Revenue grew 11% YoY to ₹161.35 crore, supported by a 5% increase in sales volume and a doubling of EBITDA per ton to ₹692. Crucially, the company has successfully doubled its manufacturing capacity to 3.0 MTPA effective October 1, 2025, positioning it for significant volume growth in the upcoming busy season.
Key Highlights
EBITDA grew by 129% YoY to ₹2,048 lakhs, with EBITDA per ton rising from ₹317 to ₹692
Net Profit (PAT) surged to ₹1,023 lakhs compared to ₹40 lakhs in the corresponding quarter last year
Revenue from operations increased 11% YoY to ₹16,135 lakhs on the back of 5% volume growth
Successfully doubled cement manufacturing capacity to 3.0 MTPA starting October 1, 2025
Sales volume for the quarter stood at 2.96 lakh tons versus 2.83 lakh tons YoY
👀 What to Watch
The significant turnaround in profitability and the doubling of production capacity make this a positive development for long-term investors. Monitor the ramp-up of the new Sikka grinding plant and its impact on market share in the next two quarters.
Shree Digvijay Cement Updates on CEO & MD Selection Process Following Feb 2026 Resignation
Shree Digvijay Cement has provided a status update on the appointment of its new CEO & Managing Director. The position has been vacant since the previous CEO's resignation on February 6, 2026. Currently, the Nomination & Remuneration Committee (NRC) is evaluating a shortlist of candidates for the role. A final appointment will be announced once the Board of Directors approves the NRC's recommendation.
Key Highlights
CEO & MD position has been vacant since the resignation effective February 6, 2026
Nomination & Remuneration Committee (NRC) is currently in the process of evaluating shortlisted candidates
Board of Directors' approval is pending the final recommendation from the NRC
The update comes approximately 82 days after the leadership vacancy occurred
👀 What to Watch
Investors should monitor for the final appointment announcement to evaluate the new leader's credentials and potential impact on the company's strategic direction.
Shree Digvijay Cement Q4 PAT at ₹7.95 Cr; Recommends ₹1 Dividend & Commences Hi-Bond Partnership
Shree Digvijay Cement reported a strong sequential recovery in Q4 FY26, with PAT reaching ₹7.95 crore compared to a loss of ₹6.97 crore in the previous quarter. Revenue for the quarter rose to ₹208.47 crore, driven by higher realizations and an improved pricing environment despite a slight dip in volumes. The company has operationalized its strategic agreement with Hi-Bond Cement, contributing ₹15.36 crore in revenue and ₹2 crore in EBITDA during the initial period. For the full year, EBITDA grew to ₹74.61 crore, and the board recommended a final dividend of ₹1.0 per share.
Key Highlights
Q4 EBITDA per ton surged to ₹637 from ₹100 in the preceding quarter, reflecting significantly improved margins.
Annual revenue grew to ₹749.10 crore in FY26 from ₹725.15 crore in FY25.
Strategic BDA with Hi-Bond Cement involved a ₹400 crore refundable security deposit to secure long-term distribution rights.
The company sold 29,928 MT of traded goods (Hi-Bond) in the short period since commencement on March 19, 2026.
Board recommended a final dividend of ₹1.0 per equity share for the financial year.
👀 What to Watch
Investors should monitor the scalability of the Hi-Bond partnership and the sustainability of the improved EBITDA per ton. The stock remains a watch for turnaround consistency and the impact of the ₹400 crore deposit on the balance sheet.
Shree Digvijay Cement Recommends ₹1 Dividend; FY26 Revenue Up 3% to ₹749 Crore
Shree Digvijay Cement reported a steady FY26 performance with revenue from operations rising to ₹749.10 crore and EBITDA increasing to ₹74.61 crore. The Board has recommended a final dividend of ₹1.00 per share, representing a 10% payout on face value. A significant highlight is the sharp sequential recovery in Q4, where the company posted a profit of ₹7.95 crore compared to a loss of ₹6.97 crore in the preceding quarter. The company also initiated a strategic distribution agreement with Hi-Bond Cement, backed by a ₹400 crore security deposit, to bolster market reach.
Key Highlights
Recommended a final dividend of ₹1.00 per equity share (10% of face value) for FY26.
Annual Revenue from operations grew 3.3% YoY to ₹74,909.91 lacs.
EBITDA per ton improved to ₹521 in FY26 from ₹489 in FY25, reflecting better operational efficiency.
Q4 FY26 PAT turned positive at ₹795 lacs versus a loss of ₹697 lacs in Q3 FY26.
Executed a long-term distribution agreement with Hi-Bond Cement, involving a ₹400 crore refundable security deposit.
👀 What to Watch
Investors should view the strong Q4 turnaround and the strategic tie-up with Hi-Bond Cement as positive indicators for future volume growth. The steady dividend yield and improving EBITDA per ton suggest resilient operational management despite market fluctuations.
Shree Digvijay Cement Q4 PAT at ₹7.95 Cr, Turnaround QoQ; Recommends ₹1 Dividend
Shree Digvijay Cement reported a strong sequential recovery in Q4 FY26, posting a PAT of ₹7.95 crore compared to a loss of ₹6.97 crore in Q3 FY26. Revenue for the quarter rose to ₹208.47 crore, supported by improved pricing and higher realizations. For the full year FY26, the company maintained steady performance with a PAT of ₹25.00 crore on a revenue of ₹749.10 crore. Additionally, the company has entered a strategic long-term distribution agreement with Hi-Bond Cement, involving a ₹400 crore security deposit to boost market reach.
Key Highlights
Q4 EBITDA surged to ₹25.10 crore from ₹3.84 crore in the previous quarter, with EBITDA per ton rising from ₹100 to ₹637.
Full-year FY26 revenue grew 3.3% YoY to ₹749.10 crore, while PAT remained nearly flat at ₹25.00 crore.
Board recommended a final dividend of ₹1.00 per equity share (10% of face value) for FY26.
Executed a strategic agreement with Hi-Bond Cement for exclusive distribution, supported by a ₹400 crore refundable security deposit.
Total sales volume for FY26 reached 14.33 lakh tons, including 0.30 lakh tons from newly integrated traded goods.
👀 What to Watch
The sharp sequential recovery in margins and the strategic tie-up for additional volumes are positive catalysts. Investors should monitor the cash flow impact of the ₹400 crore deposit and the scalability of the Hi-Bond distribution agreement.
Shree Digvijay Cement Integrates Hi-Bond; Combined Capacity Reaches 5.2 MTPA
Shree Digvijay Cement has integrated Hi-Bond Cement under a Brand Usage and Distribution Agreement (BDA) effective March 19, 2026, increasing combined capacity to 5.2 million tons. This makes the company the third-largest player in Gujarat with a 16-17% market share in the Saurashtra region. While the integration scales operations, the company will need to purchase 0.8-0.9 million tons of clinker to meet additional grinding requirements, which is expected to reduce EBITDA by approximately INR 200 per metric ton on those volumes. Management holds an unconditional call option to acquire Hi-Bond assets and is optimistic about demand from the 2030 Commonwealth Games in Ahmedabad.
Key Highlights
Combined capacity of 5.2 million tons makes it the 3rd largest player in Gujarat after UltraTech and Adani.
Post-integration market share stands at 9-10% in Gujarat and 16-17% in the Saurashtra region.
Commercial terms involve purchasing cement from Hi-Bond at cost plus a fixed margin of INR 500.
Additional 1.5 million ton sales volume requires 0.8-0.9 million tons of purchased clinker, impacting EBITDA by ~INR 200/ton.
Company holds 25 million tons of limestone reserves and an unconditional call option for Hi-Bond assets.
👀 What to Watch
Investors should view this as a significant scale-up that improves market positioning, though they must monitor the margin dilution from outsourced clinker. Watch for the eventual exercise of the call option to fully acquire Hi-Bond assets, which would further formalize the integration.
Shree Digvijay Cement Pays ₹400 Cr Deposit to Hi-Bond, Starts Distribution & Sets Investor Call
Shree Digvijay Cement has paid a refundable security deposit of INR 400 crores to Hi-Bond Cement (India) Private Limited under a long-term Brand Usage, Supply and Distributorship Agreement. The company has officially commenced the purchase and distribution of HIBOND manufactured cement effective March 19, 2026. This expansion is funded through term loan facilities secured from ICICI Bank and Axis Bank. A management conference call is scheduled for March 25, 2026, to discuss the integration and business outlook.
Key Highlights
Paid INR 400 crores refundable security deposit to Hi-Bond Cement (India) Private Limited.
Commenced exclusive long-term distribution of HIBOND cement products effective March 19, 2026.
Secured term loan facilities from ICICI Bank and Axis Bank to fund the security deposit and BDA requirements.
Management conference call scheduled for March 25, 2026, at 9:00 AM IST to discuss business integration.
👀 What to Watch
Investors should attend the conference call to understand the margin implications of the distribution model and the debt-servicing capability following the ₹400 crore loan. This move is a significant strategic shift towards an asset-light distribution expansion.
Shree Digvijay Cement Secures INR 488 Cr Loan for Hi-Bond Deal and Mill Refinancing
Shree Digvijay Cement has executed facility agreements with ICICI Bank and Axis Bank for term loans totaling INR 488 crores. A significant portion of this, INR 400 crores, is dedicated to a refundable security deposit for an exclusive long-term distribution agreement with Hi-Bond Cement. The remaining INR 132 crores will be used to refinance the company's new Cement Mill. This financing follows the previously obtained CCI approval and marks a major step in the company's strategic expansion and supply chain integration.
Key Highlights
Total term loan facilities of INR 488 crores secured from Axis Bank and ICICI Bank (INR 244 crores each).
INR 400 crore allocated for a refundable security deposit to Hi-Bond Cement for exclusive brand usage and distribution.
INR 132 crore earmarked for refinancing the company's new Cement Mill project.
Company to contribute INR 44 crores from internal cash flows towards the Hi-Bond security deposit.
The move operationalizes a strategic long-term supply agreement previously approved by the CCI.
👀 What to Watch
Investors should view this as a positive step toward scaling operations through the Hi-Bond partnership, though they should monitor the impact of increased debt on the balance sheet.
Shree Digvijay Cement Reports Q3 Net Loss of ₹6.98 Cr; Revenue at ₹183 Cr
Shree Digvijay Cement reported a consolidated net loss of ₹6.98 crore for the quarter ended December 31, 2025, compared to a loss of ₹4.84 crore in the same period last year. Revenue from operations stood at ₹183.33 crore, showing a sequential growth of 13.6% but a slight year-on-year decline of 1.8%. The quarterly performance was severely impacted by rising input costs, with material costs jumping over 60% YoY. Despite the quarterly loss, the nine-month net profit remains healthy at ₹17.03 crore, significantly higher than the ₹6.83 crore recorded in the previous year's corresponding period.
Key Highlights
Consolidated Net Loss widened to ₹6.98 crore in Q3 FY26 from ₹4.84 crore in Q3 FY25.
Revenue from operations grew 13.6% QoQ to ₹183.33 crore, though it dipped 1.8% YoY.
Cost of materials consumed surged 64% YoY to ₹55.21 crore, impacting operating margins.
Finance costs increased significantly to ₹3.55 crore from ₹0.84 crore in the year-ago quarter.
9M FY26 Net Profit stands at ₹17.03 crore, up 149% compared to ₹6.83 crore in 9M FY25.
👀 What to Watch
Investors should be cautious about the significant margin contraction and rising finance costs observed this quarter. While the 9-month cumulative performance is strong, the volatility in quarterly earnings suggests waiting for signs of cost stabilization.
Shree Digvijay Cement Reports Q3 FY26 Net Loss of ₹6.98 Crore as Input Costs Surge
Shree Digvijay Cement reported a consolidated net loss of ₹6.98 crore for the quarter ended December 31, 2025, compared to a loss of ₹4.84 crore in the same period last year. Revenue from operations saw a slight year-on-year decline to ₹183.34 crore from ₹186.76 crore, though it improved sequentially from ₹161.35 crore in Q2 FY26. The quarterly performance was severely impacted by a sharp rise in material costs and finance charges. However, the nine-month (9M FY26) performance remains stronger with a net profit of ₹17.03 crore compared to ₹6.83 crore in the previous year.
Key Highlights
Net loss for Q3 FY26 stood at ₹6.98 crore versus a profit of ₹10.22 crore in the preceding quarter.
Revenue from operations declined 1.8% YoY to ₹183.34 crore, while total expenses rose to ₹193.89 crore.
Cost of materials consumed surged to ₹55.21 crore in Q3 FY26 from ₹33.58 crore in Q3 FY25.
Finance costs increased significantly to ₹3.55 crore compared to ₹0.84 crore in the year-ago quarter.
9M FY26 cumulative net profit remains positive at ₹17.03 crore, up 149% from ₹6.83 crore YoY.
👀 What to Watch
The quarterly loss and rising input costs are concerning, though the year-to-date performance remains ahead of last year. Investors should wait for signs of margin stabilization and improved cost management before increasing exposure.
Shree Digvijay Cement: India Resurgence Fund Completes Open Offer for 26% Stake
India Resurgence Fund (Schemes 1, 2, and 4) has concluded its open offer to acquire up to 3,85,43,837 equity shares of Shree Digvijay Cement. This acquisition represents 26% of the company's expanded share capital. The post-offer advertisement has been released following the completion of the regulatory process under SEBI (SAST) Regulations. This marks a significant shift in the company's ownership structure and potential management influence.
Key Highlights
Open offer for 3,85,43,837 equity shares, equivalent to a 26% stake in expanded share capital.
Acquirers include three schemes of India Resurgence Fund (Scheme 1, Scheme 2, and Scheme 4).
Post-offer advertisement published on January 29, 2026, following SEBI (SAST) compliance.
Axis Capital Limited acted as the Manager to the Open Offer.
👀 What to Watch
Investors should review the updated shareholding pattern and watch for any strategic changes or management shifts under the new major shareholders. No immediate trading action is needed as the offer period has concluded.
Shree Digvijay Cement Open Offer Tendering Period Extended to January 19, 2026
India Resurgence Fund is conducting an open offer to acquire up to 3,85,43,837 equity shares of Shree Digvijay Cement, representing 26% of the expanded share capital. The tendering period, which originally commenced on January 5, 2026, has been extended by one working day due to a declared trading holiday for municipal elections in Maharashtra. The offer will now conclude on Monday, January 19, 2026, instead of the previous January 16 deadline. This procedural change ensures the mandatory 10-working-day window for public shareholders is maintained as per SEBI regulations.
Key Highlights
Open offer for 3,85,43,837 equity shares representing 26% of the expanded share capital
Acquirers include India Resurgence Fund Schemes 1, 2, and 4
Tendering period closing date revised from January 16, 2026, to January 19, 2026
Extension granted by SEBI due to a trading holiday on January 15, 2026
Axis Capital Limited is the appointed Manager to the Open Offer
👀 What to Watch
Public shareholders interested in tendering their shares should note the revised closing date of January 19, 2026. Consult with your DP or broker to ensure submission before the new deadline.
India Resurgence Fund Launches Open Offer for 26% Stake in Shree Digvijay Cement at ₹92.20/Share
India Resurgence Fund (Schemes 1, 2, and 4) has issued a formal Letter of Offer to acquire up to 3,85,43,837 equity shares of Shree Digvijay Cement, representing 26% of the expanded share capital. The offer price is fixed at ₹92.20 per share, payable in cash to public shareholders. The tendering period is scheduled to run from January 5, 2026, to January 16, 2026. This mandatory open offer follows the receipt of CCI approval on November 18, 2025, for the underlying acquisition transaction.
Key Highlights
Open offer to acquire 3,85,43,837 shares representing 26% of expanded share capital
Offer price set at ₹92.20 per equity share, to be paid entirely in cash
Tendering period opens on January 5, 2026, and closes on January 16, 2026
CCI approval for the transaction was successfully obtained on November 18, 2025
Identified date for eligibility of public shareholders was December 19, 2025
👀 What to Watch
Investors should compare the ₹92.20 offer price against the current market price to decide on tendering shares. If the market price is significantly higher than the offer price, selling in the open market may be more profitable than participating in the offer.
Open Offer for 26% Stake in Shree Digvijay Cement by India Resurgence Fund
India Resurgence Fund (Schemes 1, 2, and 4) has issued a corrigendum regarding its open offer to acquire up to 3,85,43,837 equity shares of Shree Digvijay Cement. This represents 26% of the company's expanded share capital. The announcement provides updated details to the previously issued Public Announcement and Draft Letter of Offer. Axis Capital is managing the transaction, which is a significant event for minority shareholders looking for liquidity or assessing the new promoter's intent.
Key Highlights
Open offer to acquire up to 3,85,43,837 equity shares, representing 26% of expanded share capital
Acquirers include India Resurgence Fund - Scheme 1, Scheme 2, and Scheme 4
Corrigendum updates the Detailed Public Statement and Draft Letter of Offer published on December 19, 2025
Axis Capital Limited is acting as the Manager to the Offer
👀 What to Watch
Shareholders should compare the open offer price with the current market price to decide on tendering their shares. Monitor the final Letter of Offer for the specific tendering window and any further price revisions.
India Resurgence Fund Acquires 45.01% Stake in Shree Digvijay Cement; Takes Control
India Resurgence Fund (IndRF) has completed the acquisition of a 45.01% stake (6,67,25,311 shares) in Shree Digvijay Cement from True North Fund VI LLP. Following this transaction, IndRF has assumed control of the company, while True North's stake has reduced to 9.51%, leading to its reclassification as a public shareholder. This move follows a Share Purchase Agreement signed in September 2025 and includes a mandatory open offer for an additional 26% stake from public shareholders. The change in leadership marks a significant shift in the company's promoter structure and management control.
Key Highlights
India Resurgence Fund acquired 6,67,25,311 shares, representing 45.01% of the company's share capital.
True North Fund VI LLP's holding reduced to 9.51%, resulting in its reclassification from 'Promoter' to 'Public' category.
The acquisition triggered a mandatory Open Offer for an additional 26% stake (3,85,43,837 shares) from public shareholders.
The change of control and promoter reclassification became effective on December 18, 2025.
👀 What to Watch
Investors should monitor the new promoter's strategic direction and the final shareholding pattern post-open offer. This change in control is a significant event that could impact the company's long-term growth trajectory and operational strategy.
