Promoters to sell up to 32% stake in V I P Industries to Multiples consortium

V I P Industries announced that Dilip Piramal and Family (Sellers) have entered into a definitive agreement with the Multiples Consortium to sell up to 32% stake in the Company. The transaction will trigger an open offer in accordance with the SEBI Takeover Regulations.

Upon completion of the transaction, control of the Company will be transferred to Multiples Private Equity while Dilip Piramal and Family will continue to be shareholders in the Company. Dilip Piramal will be Chairman Emeritus.

Dilip Piramal, Chairman of the Company, said, ?We are pleased to welcome 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.?

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