VIP Industries (BOM:507880, NSE:VIPIND) said Dilip Piramal agreed to sell up to 32% stake in the company, or 45,446,305 shares, for up to 17.6 billion Indian rupees to the Multiples Private Equity consortium, according to a Monday filing on the Indian bourses.
The deal will trigger an open offer, the filing said. Once completed, it will transfer control of the company to Multiples PE, it said.
Piramal will remain a shareholder and assume the role of Chairman Emeritus, VIP Industries said.
The transaction is subject to regulatory approvals, including from the Competition Commission of India, the filing said.
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