New Delhi: Two promoter-group entities of VIP Industries on Friday sold a 6.22% stake in the luggage and travel accessories maker for Rs 343 crore via open market transactions.
According to BSE bulk deal data, Kiddy Plast Ltd and Piramal Vibhuti Investments offloaded a total of 88.40 lakh equity shares, representing a 6.22% holding in Mumbai-based VIP Industries. The shares were sold in the range of Rs 388–388.25 each, taking the total deal value to Rs 343.19 crore.
Following the sale, the combined stake of promoters and promoter-group entities declined to 45.51% from 51.73%.
Multiples Equity, an alternative asset management company, acquired 60.11 lakh shares (4.23% stake) in VIP Industries through its affiliates — Multiples Private Equity Fund IV and Multiples Private Equity GIFT Fund IV. Additionally, Samvibhag Securities Pvt Ltd purchased 22.12 lakh shares, or 1.55% stake. Together, these buyers picked up 82.23 lakh shares, equivalent to a 5.8% stake, at an average price of Rs 388 per share, valuing the transaction at around Rs 319.07 crore.
Details of other buyers on the exchange were not disclosed. VIP Industries shares fell 4.01% to close at Rs 409 each on the BSE.
Last month, a group of investors led by Multiples Equity secured approval from the Competition Commission of India to acquire stakes in VIP Industries. In July, promoters Dilip Piramal and family had announced plans to sell up to 32% of their stake to a consortium led by Multiples Equity.
The consortium includes Multiples Private Equity Fund IV (MPEF), Multiples Private Equity GIFT Fund IV (MPGF), Samvibhag Securities, and Caratlane founder Mithun Padam Sacheti with his brother Siddhartha Sacheti. Multiples focuses on sectors such as financial services, pharma & healthcare, consumer, and technology, while Samvibhag Securities is a portfolio company of renowned investor Akash Bhanshali.
