Description

Open offer by Multiples Private Equity Fund IV and associated 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, along 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 set at INR 388.00 per equity share, payable in cash. The offer is made pursuant to Regulations 3(1) and 4 of SEBI (SAST) Regulations, 2011.

Key Points

  • Acquirers: Multiples Private Equity Fund IV and Multiples Private Equity GIFT Fund IV
  • Persons Acting in Concert (PACs): Samvibhag Securities Private Limited, Mithun Padam Sacheti, Siddhartha Sacheti, and Profitex Shares and Securities Private Limited
  • 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 388.00 per equity share (cash payment)
  • Not Conditional: Open offer is not conditional upon any minimum level of acceptance (Regulation 19)
  • Not a Competing Offer: This is not a competing offer under Regulation 20 of SEBI (SAST) Regulations
  • CCI Approval Received: Competition Commission of India approval obtained on August 26, 2025

Regulatory Changes

No regulatory changes are announced in this circular. This is a disclosure regarding an open offer made in compliance with existing SEBI (SAST) Regulations, 2011.

Compliance Requirements

  • Public Shareholders: Required to review the Letter of Offer and accompanying Form of Acceptance
  • Recent Sellers: If equity shares were recently sold, shareholders must hand over the Letter of Offer and Form of Acceptance to the stock exchange member through whom the sale was effected
  • Shareholder Action: Public shareholders can choose to participate in the open offer by tendering their shares at INR 388.00 per share
  • Consultation: Shareholders requiring clarifications should consult their stockbroker, investment consultant, Manager to the Offer, or Registrar to the Offer

Important Dates

  • CCI Approval Date: August 26, 2025
  • Offer Opening Date: To be specified in the complete Letter of Offer
  • Offer Closing Date: To be specified in the complete Letter of Offer

Impact Assessment

Market Impact: This high-value acquisition offer for 26.03% stake in V.I.P. Industries Limited by Multiples Private Equity represents a significant change in shareholding structure. The offer price of INR 388 per share will serve as a reference point for market valuation.

Shareholder Impact: Public shareholders have an opportunity to exit at the specified offer price of INR 388 per equity share. The unconditional nature of the offer (not requiring minimum acceptance) provides certainty to participating shareholders.

Corporate Impact: The acquisition by private equity investors indicates potential strategic changes in V.I.P. Industries’ management and business direction. The involvement of multiple PACs including family members (Mithun Padam Sacheti and Siddhartha Sacheti) suggests continuity in existing management relationships.

Regulatory Compliance: The receipt of CCI approval demonstrates completion of required statutory approvals for the underlying transaction and open offer, enabling the offer to proceed without regulatory impediments.

Impact Justification

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