VIP Industries Limited has informed the Exchange regarding Outcome of Board Meeting held on September 23, 2025.
VIPIND · price
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VIP Industries Limited has formally completed its change of control to Multiples Private Equity Fund IV and Multiples Private Equity Gift Fund IV (collectively, Multiples Group). The Shareholders' Agreement became effective on September 23, 2025, and Multiples Group has been classified as the new 'Promoter' of the company with the right to nominate a majority of directors. Ms. Renuka Ramnath (founder of Multiples) has been appointed as the new Chairperson, replacing Mr. Dilip Piramal, who has stepped down and been named Chairman Emeritus on an honorary basis. Several other Piramal family members and existing directors, including Vice-Chairperson Ms. Radhika Piramal, have also resigned from the board following the takeover. This follows the earlier execution of a Share Purchase Agreement in July 2025 and Competition Commission of India approval in August 2025, and the deal will trigger an open offer for public shareholders.
This is a significant corporate event with a private equity fund now controlling the iconic luggage brand. Shareholders should expect an open offer from Multiples Group to purchase shares from public investors at a regulated price. The change in management and promoter may lead to strategic shifts, cost optimisation, or growth investments under the new PE-led board in the coming quarters.