Private equity major Blackstone India has bought the 2% stake in VIP Industries through an open market transaction. The entire share buy is valued at around Rs 36-40 crore.
Private equity major Blackstone India has bought a 2% stake in VIP Industries through an open market transaction. The entire share buy is valued at around Rs 36-40 crore.
Currently promoter and promoter group hold 43.93% stake in VIP, with the remainder being held by Rakesh Jhunjhunwala, about 4.47% stake. According to market sources, through further transactions, Blackstone may increase stake up to 5% in VIP.
Though he refused to comment on Blackstone investment, Dilip G Piramal, chairman of VIP Industries said the promoters are not looking to sell their current holding. In fact, he said, the company is neutral to all these buying and selling in the stock market.
However, he said, the stake buy points to the consistent performance of VIP Industries over several quarters. Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.