Description

Open offer by Multiples Private Equity Fund IV and related entities to acquire up to 26.03% of expanded share capital of V.I.P. Industries Limited at INR 388 per equity share.

Summary

Multiples Private Equity Fund IV and Multiples Private Equity GIFT Fund IV, together with four persons acting in concert (PACs), have launched an open offer to acquire up to 3,70,56,229 fully paid-up equity shares of V.I.P. Industries Limited, representing 26.03% of the expanded share capital. The offer price is INR 388 per equity share, payable in cash. This open offer is made pursuant to Regulations 3(1) and 4 of SEBI (SAST) Regulations, 2011.

Key Points

  • Acquirers: Multiples Private Equity Fund IV (Acquirer 1) and Multiples Private Equity GIFT Fund IV (Acquirer 2)
  • Persons Acting in Concert (PACs): Samvibhag Securities Private Limited (PAC 1), Mithun Padam Sacheti (PAC 2), Siddhartha Sacheti (PAC 3), and Profitex Shares and Securities Private Limited (PAC 4)
  • Target Company: V.I.P. Industries Limited (CIN: L25200MH1968PLC013914)
  • Shares to be Acquired: Up to 3,70,56,229 equity shares (26.03% of expanded share capital)
  • Face Value: INR 2 per equity share
  • Offer Price: INR 388 per equity share (cash payment)
  • Offer Type: Not conditional upon minimum level of acceptance (Regulation 19)
  • Competing Offer: This is not a competing offer (Regulation 20)
  • CCI Approval: Competition Commission of India approval received on August 26, 2025

Regulatory Changes

This offer is made in compliance with SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, as amended. The offer follows the prescribed regulatory framework for open offers under Regulations 3(1) and 4 of SEBI (SAST) Regulations.

Compliance Requirements

  • Public Shareholders: Must review the Letter of Offer and accompanying Form of Acceptance to decide on tendering their shares
  • Recent Sellers: Shareholders who have recently sold their equity shares must hand over the Letter of Offer and Form of Acceptance to the stock exchange member through whom the sale was effected
  • Consultation: Shareholders requiring clarification should consult their stockbroker, investment consultant, Manager to the Offer, or Registrar to the Offer

Important Dates

  • CCI Approval Date: August 26, 2025
  • Letter of Offer Date: October 29, 2025
  • Offer Timeline: To be specified in the complete Letter of Offer document

Impact Assessment

Market Impact: High - This is a significant takeover attempt by private equity investors targeting over one-quarter of V.I.P. Industries’ expanded share capital. The offer price of INR 388 per share will serve as a reference point for market valuation.

Shareholder Impact: High - Public shareholders of V.I.P. Industries Limited must evaluate the offer price against current market prices and their investment objectives. The offer provides an exit opportunity at the stated price of INR 388 per share.

Corporate Control Impact: High - Successful completion of this offer will result in significant ownership concentration in favor of the acquirers and PACs, potentially affecting corporate governance and strategic direction of V.I.P. Industries Limited.

Regulatory Compliance: The receipt of CCI approval indicates clearance from competition law perspective, reducing regulatory uncertainty for the transaction.

Impact Justification

Major takeover offer affecting 26.03% of V.I.P. Industries' expanded share capital by private equity investors, requiring immediate shareholder attention and decision-making