Axis Capital Ltd ("Manager to the Offer") has submitted to BSE a copy of Draft Letter of Offer ("DLOF") to the public shareholders of Shree Digvijay Cement Company Ltd ("Target Company").
SHREDIGCEM · price
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On the reaction day the stock moved 0.4 pts more than Nifty Microcap 250 and 0.2 pts more than its Cement & Cement Products peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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India Resurgence Fund (a Piramal-backed platform), through three of its schemes, has launched a cash open offer to acquire up to 3,85,43,837 equity shares (26% of expanded share capital) of Shree Digvijay Cement Company at INR 92.20 per share, aggregating up to roughly INR 355 crores. The offer follows an underlying transaction where existing promoter True North Fund VI LLP is selling shares to the Acquirers at an off-market price of INR 85 per share, including a first tranche of 6.67 crore shares (45.01%). The open offer is unconditional and not subject to any minimum acceptance level. The tendering period is scheduled from October 29, 2025 to November 12, 2025. The transaction is subject to Competition Commission of India approval, with Axis Capital acting as the manager to the offer.
This filing confirms a change in controlling shareholder from True North Fund to the Piramal-backed India Resurgence Fund. The offer price of INR 92.20 sets a near-term price benchmark for retail shareholders, who will need to decide whether to tender shares in the open offer window or hold. The stock may see price movement around the open offer period based on tendering activity and the difference between market price and offer price.