Kemp & Company Ltd. to Sell 32% Stake in VIP Industries for Rs. 66,12 Crores

Kemp & Company Ltd. has announced the sale of up to 4,54,46,305 equity shares held by the Company in VIP Industries Limited, a company incorporated and existing under the laws of India. The sale constitutes approximately 32% of the total paid-up share capital of VIP Industries. The sale price for each Sale Share is Rs. 388/-. The sale is expected to be completed within 26 weeks from the expiry of the offer period as defined in the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulation, 2011. None of the Purchasers form part of the promoter / promoter group / group companies of the Company or VIP Industries. The transaction does not fall within related party transactions and is being undertaken outside of a scheme of arrangement.