VIP Industries promoter and chairman Dilip Piramal has revived plans to sell his controlling stake in the luggage maker, nearly six months after talks over the sale failed, the Mint has reported.
The company has appointed investment bank Arpwood to assist in the stake sale, the report cited sources as saying. Earlier in 2024, it was reported that VIP Industries was in advanced talks with international private equity firm Advent International, one of the potential buyers of the controlling stake. The deal did not materialise due to valuation mismatch and other reasons.
Moneycontrol couldn't verify the report independently .
Promoters and promoter groups held nearly a 52 percent stake in the company, at the end of the December quarter, shareholding data available on the BSE shows. General public holds the remaining 48 percent.
Based on the previous day's closing price of the stock, the promoters' stake is worth around Rs 2,099 crore and the public shareholding nearly Rs 1,959 crore. The company's market capitalization is approximately Rs 4,058 crore.
VIP Industries shares hit a 52-week low of Rs 273 on March 27 but made a smart recovered to close over 2 percent higher at around Rs 286. The stock is still significantly short of its 52-week high of Rs 590 and has fallen over 47 percent in the past six months.
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