VIP deal at a discount of 15% to stock price

Promoters to sell stake at ₹388 per share

- VIVEAT SUSAN PINTO

THE DILIP PIRAMAL family, promoters of one of India's oldest luggage brands VIP, is cutting its stake in the company at a discount. The promoters are selling nearly 32% stake or 45.44 million shares in the company to a clutch of investors in an all-cash deal valued at ₹1,763 crore, they said on Monday while spelling out the deal details, implying a per-share value of ₹388. This is at a 15% discount to Friday's close.

The stake sale was first announced late on Sunday evening to the stock exchanges without specifying deal details.

The buyers include Multiples Private Equity, Samvibhag Securities, Mithun Sacheti (the founder of jewellery retail chain CaratLane) and his brother Siddhartha Sacheti. Calls and messages to VIP Industries chairman Dilip Piramal elicited no response till press time. Multiples PE founder, MD & CEO Renuka Ramnath did not respond to messages when contacted on Monday.