VIP Industries Ltd. on Sunday notified the inventory exchanges that promoter group entities plan to promote 32% stake within the firm to sure personal fairness traders.
The sellers embody promoter Dilip Piramal and numerous entities forming a part of the promoter group — Kemp and Firm Ltd., DGP Securities Ltd., Kiddy Plast Ltd., Piramal Vibhuti Investments Ltd. and Alcon Finance & Funding Ltd.
Submit the stake, Dilip Piramal and group shareholding within the firm will come right down to 19.73% stake from 51.73%.
Multiples Non-public Fairness Fund IV, Multiples Non-public Fairness Present Fund IV, Samvibhag Securities, Mithun Padam Sacheti, and Siddhartha Sacheti have been identied because the purchasers within the submitting.
The purchasers suggest to amass as much as “4,54,46,305 fairness shares”, or roughly “32% of the full paid-up share capital”.
The stake sale will likely be adopted up with an open-offer for the acquisition of further 26% shares, in accordance to a share buy settlement. This may enable sure purchasers to amass administration management of the corporate, in line with the submitting.
Shares of VIP Industries on Friday closed 1.6% larger at Rs 456 apiece on the NSE, in comparison with a 0.81% decline within the benchmark Nifty 50. The inventory, nevertheless, is down 4.4% over the previous 12 months and by 5.6% on a year-to-date foundation.
Among the many 11 analysts monitoring the inventory, 4 have a ‘purchase’ ranking, three advocate ‘maintain’ and 4 ‘promote’. The typical of 12-month analysts’ value goal implies a possible draw back of two%.
