VIP Industries has announced that Dilip Piramal and family have signed a definitive agreement to sell up to a 32% stake in the company to the Multiples Consortium. The deal will trigger an open offer under SEBI’s Takeover Regulations.
After the transaction, control of the company will shift to Multiples Private Equity. Dilip Piramal and Family will remain shareholders, and Dilip Piramal will take the role of chairman Emeritus.
Dilip Piramal, chairman of the Company, said, “We are pleased to welcome the Multiples consortium as strategic partners in the Company. This marks an important step toward reviving the company’s strong legacy and helping it regain its foothold in the Indian luggage market, where it has struggled in recent years.”
Renuka Ramnath, founder, MD and CEO of Multiples Alternate Asset Management, said, “Multiples is excited to lead the ownership transition of the very strong legacy business of VIP and further build on its rich heritage and unlock its next phase of growth.”
The transaction, including the open offer, is subject to approval of the Competition Commission of India and will be in accordance with the SEBI Takeover Regulations.
Arpwood Capital was the financial advisor to the sellers. JM Financial is the open offer manager. AZB & Partners advised the sellers, while Khaitan & Company and Anagram Partners advised Multiples and its consortium members.
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