VIP Industries: Promoters Sell Stake for Rs 343 Cr

New Delhi, Sep 26 (PTI) Two promoter group entities of VIP Industries on Friday divested a 6.22 per cent stake in the luggage and travel accessories maker for Rs 343 crore through open market transactions.

According to the bulk deal data available on the BSE, Kiddy Plast Ltd and Piramal Vibhuti Investments sold a total of 88.40 lakh equity shares, representing a 6.22 per cent stake in the Mumbai-based VIP Industries.

The shares were offloaded in the price range of Rs 388-388.25 apiece, taking the combined deal value to Rs 343.19 crore.

After the stake sale, the combined holding of promoters and promoter group entities has come down to 45.51 per cent from 51.73 per cent.

Meanwhile, Multiples Equity, an alternative asset management company, through its affiliates -- Multiples Private Equity Fund IV and Multiples Private Equity GIFT Fund IV, bought 60.11 lakh shares or 4.23 per cent stake in VIP Industries.

In addition, Samvibhag Securities Pvt Ltd purchased 22.12 lakh shares, or 1.55 per cent stake, in the luggage and travel accessories maker.

These entities picked up a total of 82.23 lakh shares, or 5.8 per cent stake, in VIP Industries. The combined transaction was valued at around Rs 319.07 crore, and executed at an average price of Rs 388 apiece.

Details of the other buyers of VIP Industries' shares could not be ascertained on the exchange.

Shares of VIP Industries fell 4.01 per cent to close at Rs 409 apiece on the BSE.

Last month, a group of investors led by Multiples Equity received approval from the Competition Commission of India to acquire stakes in VIP Industries.

VIP Industries promoters Dilip Piramal and Family, in July this year, had announced the sale of up to 32 per cent of their stake in the company to a consortium led by Multiples Equity.

The consortium comprises Multiples Private Equity Fund IV (MPEF), Multiples Private Equity Gift Fund IV (MPGF), Samvibhag Securities, Caratlane founder Mithun Padam Sacheti, and his brother, Siddhartha Sacheti.

Multiples, which focuses on core sectors of financial services, pharma & healthcare, consumer and technology, and Samvibhag Securities, is a portfolio company of ace investor Akash Bhanshali.