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VIP Industries shares slip 4% as Dipal Piramal, family offload 32% stake
At 09:30 AM, VIP Industries' shares were trading at ₹434.50, down by 4.92 per cent on the National Stock Exchange. In comparison, the Nifty50 was trading largely flat, albeit in the negative territory, quoting 25,075.05. Around 3.32 million shares have changed hands on the counter, collectively, on the NSE and BSE till the time of writing this report. So far this year, shares of the company have struggled to trade in green, experiencing a drop of 5.12 per cent.
Promoter stake sale
As per the agreement, Piramals will sell up to 32 per cent of their stake to the Multiples consortium, which includes Samvibhag Securities Private Ltd., Mithun Padam Sacheti, Siddhartha Sacheti and Profitex Shares and Securities Pvt Ltd.
This stake sale will trigger an open offer, wherein the new buyers will be acquiring up to 37 million shares (representing 26 per cent of the expanded share capital) from public shareholders, at a price of ₹388 per equity share. This will result in a total payout of around ₹1,437.78 crore, assuming all public shareholders accept the offer. As per the exchange filing, the payment will be made entirely in cash.
"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," said Dilip Piramal, chairman of the company.
VIP Industries Share Price
The Indian company is Asia's largest manufacturer of luggage and other travel accessories. VIP Industries was incorporated in 1971 and has over 8000 employees across the globe. However, the shares of the company have remained largely flat on the bourses, signalling muted investor sentiment. On an annual basis, VIP Industries shares have witnessed a mere surge of just 2 per cent on the BSE.
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