VIP Industries: Major Stake Shakeup as Promoters Divest Shares

VIP Industries sees a shift in ownership as two promoter entities sell a 6.22% stake for Rs 343 crore. The shares were bought by Multiples Equity and Samvibhag Securities. This divestment decreased promoter holdings to 45.51% from 51.73%, with shares falling 4.01% on the BSE.

In a significant move on Friday, two promoter group entities of VIP Industries offloaded a 6.22 percent stake in the luggage and travel accessories firm for Rs 343 crore through open market transactions, according to BSE bulk deal data.

Entities Kiddy Plast Ltd and Piramal Vibhuti Investments sold 88.40 lakh shares, resulting in promoter group holdings dropping to 45.51 percent from the previous 51.73 percent. The stake was sold within the price range of Rs 388-388.25 per share.

This transaction follows approval from the Competition Commission of India for Multiples Equity, which, along with affiliates and Samvibhag Securities, purchased a 5.8 percent stake in VIP Industries. Shares of the company closed 4.01 percent lower at Rs 409 on the BSE.

(With inputs from agencies.)