Promoters not looking to sell their current holding: VIP

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.