Multiples Takes the Lead: VIP Industries Undergoes Strategic Stake Sale
Dilip Piramal and Family, major stakeholders in VIP Industries, will sell up to 32% of their holdings to Multiples, an Alternate Asset Management company. This agreement triggers an open offer for 26% more shares. Following the deal, Multiples gains control while Piramal remains a shareholder and becomes Chairman Emeritus.
- Country:
- India
In a significant move, Dilip Piramal and his family, key stakeholders in VIP Industries, are set to sell up to 32% of their holdings to Multiples, an Alternate Asset Management company. This strategic decision marks a pivotal shift in the company's ownership and management structure.
According to a joint statement issued by both parties, the transaction will also prompt an open offer to acquire an additional 26% of shares, as per SEBI Takeover Regulations. The decision comes amid efforts to revive VIP Industries' strong legacy in the competitive luggage and travel accessories sector.
Post-transaction, Multiples will assume control of the company, while Dilip Piramal will stay on as a shareholder and Chairman Emeritus. The open offer is priced at Rs 388 per share, with a total consideration of Rs 1,437.78 crore, subject to approval from the Competition Commission of India.
(With inputs from agencies.)
Google News