Piramal family to sell up to 32% stake in India's VIP Industries, triggers open offer

India's VIP Industries VIPIND on Sunday announced that Chairman Dilip Piramal and his family have entered an agreement with the Multiples Consortium to sell a stake of up to 32% in the company.

The transaction will trigger an open offer in accordance with the Indian market regulator SEBI's Takeover Regulations, the statement said.

Upon completion of the transaction, control of VIP Industries will transfer to Multiples Private Equity, while the Piramal family will remain shareholders in the company. Dilip Piramal will be Chairman Emeritus, the company added.

The transaction, including the open offer, is subject to approval by the Competition Commission of India and will be in accordance with the SEBI Takeover Regulations, VIP said.