VIP Industries Shares Drop 4% as Piramal Family Sells 32% Stake, Triggers Open Offer

Industries Ltd. shares fell 4.1% to Rs 437.6 on the NSE by 9:18 a.m. on Monday, July 14, 2025, following the announcement of a significant ownership change. The promoter group, led by Dilip Piramal, has agreed to sell a 32% stake to a consortium led by Multiples Private Equity Fund IV, Multiples Private Equity Gift Fund IV, Samvibhag Securities Pvt. Ltd., and investors Mithun and Siddhartha Sancheti for Rs 1,763 crore at Rs 388 per share, a 15% discount to Friday’s closing price of Rs 456.40. The transaction, announced on Sunday evening, triggers a mandatory open offer under SEBI’s Takeover Regulations for an additional 26% stake, valued at Rs 1,437 crore, potentially bringing the total deal size to Rs 3,200 crore for a 58% stake. The open offer price is set at Rs 388 per share, payable in cash, assuming full acceptance. Dilip Piramal will remain a shareholder and assume the role of Chairman Emeritus, while control of the company shifts to the Multiples consortium. The deal, subject to regulatory approvals including from the Competition Commission of India, aims to revive VIP Industries’ legacy in the Indian luggage market amid rising competition.