Overview

• Dilip Piramal and family have signed a definitive agreement to transfer up to 32% of their VIP Industries shares to the Multiples-led consortium.
• The consortium will launch a mandatory open offer for 26% of the company’s equity at ₹388 per share, valuing that tranche at ₹1,437.78 crore.
• Upon completion, Multiples Private Equity will assume control of VIP Industries while the Piramal family remains shareholders and Dilip Piramal becomes Chairman Emeritus.
• The takeover process is governed by SEBI’s Substantial Acquisition of Shares and Takeovers Regulations and requires Competition Commission of India approval.
• VIP Industries’ share price fell about 5% in early trading as the open offer price represents roughly a 15% discount to the last closing level.