Latest news with #DilipPiramal
India.com
19 hours ago
- Business
- India.com
54 year old company will be sold! has turnover of Rs 64820000000 in 45 countries, occupies 50% of market, it is…
Luggage and travel accessories company VIP Industries is set to be sold after 54 years of operations. The company, which has a presence in 45 countries and a market capitalization nearing Rs 7,000 crore, holds a commanding 50% share in India's branded luggage market. The move will also trigger an open offer to acquire 26 per cent share from the open market, as per the SEBI Takeover Regulations by Multiples consortium. Dilip Piramal and Family has entered into a 'definitive agreement with the Multiples Consortium to sell up to 32 per cent stake in the Company,' according to a joint statement issued by both the companies. '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,' the statement said. Dilip Piramal will be Chairman Emeritus of VIP Industries, it added. Open Offer At Rs 388 per Share Later, the VIP Industries also updated the exchanges about the open offer from the Multiples consortium, to acquire 3.70 crore shares of the company from its public shareholders. 'The Open Offer is made at a price of Rs 388/- per Offer Share, which has been determined in accordance with Regulations 8(2) of the SEBI (SAST) Regulations,' it said. Assuming full acceptance of the Open Offer, the total consideration payable by Multiples will be Rs 1,437.78 crore. The open offer price is around 15 per cent lower than the closing price of VIP Industries on BSE on Friday, which was at Rs 456.40. In the last one year, share prices of VIP Industries' highest trading price was on September 24, 2024 at Rs 580.6 and lowest on April 9, 2025 at Rs 259.7. As on March 2025, the promoter and promoter entity were holding 51.73 per cent shareholding in VIP Industries. 'The transaction, including the open offer, is subject to approval of the Competition Commission of India and will be in accordance with the SEBI Takeover Regulations,' the joint statement added. VIP Chairman Dilip Piramal On Sale Commenting on the development, VIP Chairman Dilip Piramal welcomed 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,' he said. Renuka Ramnath, Founder, MD and CEO of Multiples Alternate Asset Management said:' Multiples is excited to lead the ownership transition of the very strong legacy business of VIP and further build on its rich heritage and unlock its next phase of growth.' VIP Industries, which has a market capitalization of Rs 6,481.78 crore, competes with Samsonite and Safari Industries in the premium and mass segment. The company, which owns brands such as Aristocrat, VIP, Carlton, Skybags and Caprese had over 50 per cent market share in the branded luggage market in FY24. However, now the company is facing stiff competition from rivals and its market share is gradually reducing. For the financial year ended on March 31, 2025, VIP Industries' revenue was at Rs 2,169.66 crore. It has over 10,000 Points of Sale in 45 countries. Multiples is an Alternate Asset Management company, backed over 30 enterprises. It focuses on core sectors of financial services, pharma & healthcare, consumer and technology and more recently the green economy. (With Inputs From PTI)
Business Standard
2 days ago
- Business
- Business Standard
VIP Industries declines after promoters ink deal to sell nearly 32% stake for Rs 1,763 crore
VIP Industries slipped 2.26% to Rs 446.10 after the company announced that Dilip Piramal and Family (promoters) have entered into a definitive agreement with the Multiples Consortium to sell up to 32% stake in the company. According to the companys exchange filing, a consortium led by Multiples Alternate Asset Management and Samvibhag Securities has signed an agreement to acquire nearly 4.55 crore shares or 31.89% stake in the company from the Piramal family. The deal includes CaratLanes founder Mithun Sacheti. The shares have been acquired by the buyers for a total consideration of Rs 1,763.31 crore. According to the SEBI Takeover Regulations, this transaction by the promoter group has triggered an open offer. The acquirers have proposed to acquire up to 3,70,56,229 shares, constituting 26% stake, of VIP Industries at a price of Rs 388 apiece. This translates to an aggregate total consideration of Rs 1,437.78 crore. 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, 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 companys strong legacy and helping it regain its foothold in the Indian luggage market, where it has struggled in recent years." VIP Industries is the leading manufacturer of hard and soft luggage in Asia. The companys consolidated net loss widened to Rs 27.36 crore in Q4 FY25 as against a net loss of Rs 23.88 crore reported in Q4 FY24. Revenue from operations declined 4.28% year on year (YoY) to Rs 494.21 crore in the quarter ended 31 March 2025.
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Business Standard
2 days ago
- Business
- Business Standard
VIP Industries shares slip 5.5% as Dipal Piramal, family offload 32% stake
VIP Industries Stake Sell: Shares of VIP Industries slipped 5.5 per cent, hitting an intraday low of ₹431.10 on Monday, after promoter group, Dipal Piramal and family, announced the sale of their 32 per cent stake in the company. In a recent exchange filing, the luggage maker stated that the promoters have entered into a definitive agreement with a group of sellers. 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. VIP Industries 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. ALSO READ | 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. Should you buy, hold or sell the stock? The VIP Industries stock, according to chart patterns, is seen trading above its 20-DMA. On the long-term chart, VIP stock is seen facing some resistance around its 100-Month Moving Average, which stands at ₹448; above which the near hurdle is seen at ₹459. On the upside, sustenance above the long-term hurdles can trigger a rally towards ₹542 levels. Intermediate resistance can be anticipated around ₹488 and ₹523 levels. DETAILED TECH STRATEGY HERE
Business Standard
2 days ago
- Business
- Business Standard
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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Business Standard
2 days ago
- Business
- Business Standard
VIP Industries shares slip 4% as Dipal Piramal, family offload 32% stake
VIP Industries Stake Sell: Shares of VIP Industries slipped 5.5 per cent, hitting an intraday low of ₹431.10 on Monday, after promoter group, Dipal Piramal and family, announced the sale of their 32 per cent stake in the company. In a recent exchange filing, the luggage maker stated that the promoters have entered into a definitive agreement with a group of sellers. 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.
