JM Financial Ltd ("Manager to the Open Offer") has submitted to BSE a copy of Draft Letter of Offer to the Public Shareholders of VIP Industries Ltd ("Target Company").
VIPIND · price
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JM Financial, acting as Manager to the Offer, has submitted the Draft Letter of Offer for an open offer to acquire up to 3,70,56,229 equity shares (26% of the expanded share capital) of VIP Industries from public shareholders. The offer price is fixed at INR 388 per share, taking the total deal size to about INR 1,437.78 crore assuming full acceptance. The acquirers are Multiples Private Equity Fund IV and Multiples Private Equity GIFT Fund IV, together with persons acting in concert including Samvibhag Securities, Mithun Sacheti, Siddhartha Sacheti, and Profitex Shares. This open offer follows a Share Purchase Agreement signed on July 13, 2025, under which the acquirers will buy up to 31.89% from existing promoters DGP Securities, Piramal Vibhuti Investments, Kiddy Plast, Kemp & Company, and Alcon Finance, triggering a mandatory open offer under SEBI takeover rules. The tendering window is expected to run from September 4 to September 18, 2025, and the deal remains subject to Competition Commission of India approval.
Public shareholders can tender their shares at INR 388 each during the September 4-18 window. The deal marks a change in control from the Piramal-family-promoted VIP Industries to private equity player Multiples, which may bring shifts in strategy, management, or direction going forward. Shareholders should wait for the independent directors' recommendation before deciding to tender.