India resurgence fund group bids for Shree Digvijay Cement stake

India Resurgence Fund – Scheme 1, India Resurgence Fund 2 – Scheme 2, and India Resurgence Fund 2 – Scheme 4 (collectively, the "Acquirers") have launched an open offer to acquire up to 38,543,837 equity shares of Shree Digvijay Cement Company Limited. This represents 26% of the expanded share capital at an offer price of INR 92.20 per share, payable in cash. The total consideration for the offer, assuming full acceptance, is INR 3,553,741,772. The tendering period is expected to commence on October 29, 2025, and close on November 12, 2025.

The acquisition is conditional upon receipt of required statutory approvals, including that of the Competition Commission of India. Upon completion of the first closing, the Acquirers will gain control and become promoters of the target company. Axis Capital Limited is managing the open offer and has confirmed firm financial arrangements from the Acquirers to fulfill their obligations.

The Acquirers aim to enhance operational efficiency and drive growth in the target company's business of manufacturing, selling, exporting, importing, and dealing in cement and clinkers. They currently have no intention to restructure or alienate any material assets of Shree Digvijay Cement Company Limited for two years post-acquisition, except in the ordinary course of business or as required by law.