VIP Industries Ltd. to Sell 32% Stake to Multiples Consortium

VIP Industries Limited announced that Dilip Piramal and Family 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. 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.