Latest news with #Multiples
India.com
6 days 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)
Time of India
6 days ago
- Business
- Time of India
Luggage company VIP's Piramal to sell 32% in Rs 1,800 crore deal
MUMBAI: Private equity major Multiples, stock market investor Aakash Bhansali, and CaratLane founder Mithun Sacheti, will acquire management control of luggage maker VIP Industries from promoter Dilip Piramal. They will together buy 32 per cent of VIP from Dilip for Rs 1,763 crore and will also make an open offer to the company's public shareholders for another 26 per cent at Rs 1,438 crore. Dilip, the elder brother of Piramal Enterprises chairman Ajay Piramal, owned 52 per cent of VIP as of March 31. In 1980, he (now 75) took control of VIP after separating from the family business. After the deal, he will retain 17 per cent. Dilip said the younger generation in his family is not interested in managing the company, which has been losing market share over the past five years. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
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Business Standard
14-07-2025
- 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
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Business Standard
14-07-2025
- 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.
Mint
13-07-2025
- Business
- Mint
Kedaara Capital eyes $200-300 million continuation fund to hold on to some trophy assets
Priyamvada C Kedaara Capital will join the growing list of funds, such as Multiples and ChrysCapital, that closed continuation vehicles over the last year. A continuation fund helps investors hold on to successful portfolio companies, or trophy assets, that need more time to reach their full potential beyond the fund cycle. Gift this article MUMBAI :Kedaara Capital, which closed its largest fund at $1.7 billion in 2024, is in talks to raise a $200-300 million continuation fund to keep backing at least two of its trophy assets, according to three people close to the development. Kedaara Capital, which closed its largest fund at $1.7 billion in 2024, is in talks to raise a $200-300 million continuation fund to keep backing at least two of its trophy assets, according to three people close to the development. 'Lots of funds, including Kedaara, are adopting this vehicle to get some interim liquidity and return capital to their investors," said one of the people, all of whom spoke on the condition of anonymity. 'The two to three assets that will be rolled into the continuation fund are still being discussed with incoming investors," said the second of the three people cited above. The private equity (PE) firm did not immediately respond to Mint's request for a comment. If it goes as planned, Kedaara will join the likes of Multiples Alternate Asset Management Pvt. Ltd and ChrysCapital, which closed continuation vehicles over the last year. ChrysCapital announced a $700 million continuation fund anchored by HarbourVest Partners LLC, LGT Capital Partners Ltd, Pantheon Ventures (UK) LLP, and other investors in 2024. Multiples announced a $430 million continuation fund earlier this year to extend its investment in Vastu Housing Finance Corp. Ltd, Quantiphi Analytics Solutions Pvt. Ltd, and APAC Financial Services Pvt. Ltd. A continuation fund helps investors hold on to successful portfolio companies, or trophy assets, that need more time to reach their full potential beyond the fund cycle. Since a fund life cannot be in perpetuity, as instructed by regulators, continuation funds offer an effective exit route for their backers, also called limited partners. Such sophisticated vehicles have been on the rise among venture capital and PE firms amid a broader liquidity crunch. Mumbai-based Kedaara currently has assets worth over $6 billion under management across sectors, including financial services, consumer, pharma and healthcare, and technology and business services. Over the last few years, Kedaara has had successful exits across multiple portfolio companies such as Aavas Financiers Ltd, Ami Lifesciences Pvt. Ltd, AU Small Finance Bank Ltd, Bill Forge Pvt. Ltd, Mahindra Logistics Ltd, Manjushree Technopack Ltd, Parksons Packaging Ltd, Sunbeam Lightweighting Solutions Pvt. Ltd, Manyavar (Vedant Fashions Ltd), Vijaya Diagnostic Centre Ltd, and Vishal Mega Mart Ltd (part exit). It could see further exits as multiple portfolio companies, such as Lenskart, Purplle (owned by Manash E-Commerce Pvt. Ltd) and Avanse Financial Services Ltd, are preparing for public listings. The rising trend In May 2024, Mint reported that among venture capital firms, IndiaQuotient, Kae Capital, Lightbox India Advisors, and WestBridge Capital Management were also considering similar moves. Broadly, secondary transactions are gaining traction in India as several investors at the end of their fund's life cycle are seeking liquidity and gearing up to exit companies they have been invested in for some time. In June, Eight Roads Ventures sold part stakes in software-as-a-service (SaaS) platforms MoEngage India Pvt. Ltd and Whatfix Pvt. Ltd, and logistics firm Shadowfax Technologies Ltd to TR Capital Group in a $50-million secondary transaction. In 2023, Samara Capital Group made a similar transaction when it sold its stakes in medical devices firm Sahajanand Medical Technologies Ltd, staffing firm First Meridian Business Services Pvt. Ltd, and biryani restaurant Paradise Food Court Pvt. Ltd to a TR Capital-led investor consortium in a $150 million secondary deal. Prior to that, Samara Capital also rolled its stake in Sapphire Foods India Ltd (which operates KFC and Pizza Hut restaurants) into a new entity, where investors Creador, TPG NewQuest and TR Capital cumulatively put in ₹ 1,150 crore. In 2024, Avendus Wealth Management Pvt. Ltd said secondary exits by early-round investors would continue to dominate private rounds, and the need for returns would remain strong. 'Large private secondary deals and initial public offerings with substantial offer-for-sale components will persist," the investment bank said, adding that there would be more structured processes for secondary exits with some combination of small primary investments. The report further highlighted that 2024 has witnessed some good transactions via portfolio secondary offerings. 'The secondary baskets and continuation vehicles of VC/PE portfolios will become even more mainstream, though sellers have to adjust to discounts in GP-led secondary processes." As investors look to disrupt this opportunity, India is also seeing a growing appetite for dedicated secondary funds. In 2024, Oister Group and Tribe Capital Management launched a $500 million India-focused secondary fund. As the market steadily becomes a substantial source of funding, such partnerships are expected to capitalize on the growing demand for secondaries. Though India's secondaries market is still at an early stage, globally, it is estimated to beover $130 billion, the companies estimated at the time of the fund launch last year. Piyush Gupta, former managing director of venture capital firm Peak XV Partners, also launched Kenro Capital in 2024 to target late-stage secondary dealsbut didn't disclose details about the fund's size. Topics You May Be Interested In
