Description

NSE circular announcing web-based bidding platform availability for takeover offer of VIP Industries Limited by Multiples Private Equity funds and promoter entities from November 3-17, 2025.

Summary

NSE has enabled its web-based bidding platform for a takeover offer of VIP Industries Limited. The acquirers—Multiples Private Equity Fund IV and Multiples Private Equity GIFT Fund IV, along with four persons acting in concert (PACs)—will conduct the tender offer from November 3-17, 2025. The offer targets up to 3,70,56,229 equity shares at Rs. 388 per share. All Capital Market segment trading members can participate using the platform at https://eipo.nseindia.com.

Key Points

  • Acquirers: Multiples Private Equity Fund IV and Multiples Private Equity GIFT Fund IV
  • PACs: Samvibhag Securities Private Limited, Mithun Padam Sacheti, Siddhartha Sacheti, and Profitex Shares and Securities Private Limited
  • Offer size: Up to 3,70,56,229 equity shares (maximum acceptance)
  • Offer price: Rs. 388 per equity share (fixed price)
  • Face value: Rs. 2 per share
  • Lot size: 1 equity share
  • ISIN: INE054A01027
  • Security symbol: VIPIND, Series: TO
  • Merchant Banker: JM Financial Limited
  • Registrar: KFin Technologies Limited
  • Order modification (quantity) and cancellation not permitted

Regulatory Changes

No regulatory changes introduced. This circular implements the existing Tender Offer Scheme per NSE circular NSE/CMTR/52776 dated June 29, 2022.

Compliance Requirements

For Trading Members:

  • All Capital Market segment trading members eligible to participate
  • Members with existing IPO bidding platform access can use current user IDs
  • New members must log into admin terminal (Adminxxxxx format where xxxxx is Member Code) to create branches and users
  • Must facilitate bidding during specified hours

Bidding Categories Available:

  1. Foreign Institutional Investors (FII)
  2. Mutual Funds (MF)
  3. Insurance Company (IC)
  4. Banks & Financial Institutions (FI)
  5. Other QIBs (OTH)
  6. Bodies Corporate (CO)
  7. Individuals (IND)
  8. Other - Non Institutional Investors (NOH)

Important Dates

  • Issue Period: November 3, 2025 to November 17, 2025
  • Bidding Time: 9:15 AM to 3:30 PM (on all issue days)
  • Custodial Confirmation Time: 9:15 AM to 3:30 PM (regular days)
  • Custodial Confirmation on Issue Closure Day: 9:15 AM to 4:00 PM (November 17, 2025)

Impact Assessment

Market Impact: Medium - affects VIP Industries shareholders holding up to 3.7 crore shares. The fixed price offer at Rs. 388 provides exit opportunity for shareholders during the tender period.

Operational Impact: Low to Medium - standard tender offer process using existing NSE web-based platform. Trading members with IPO platform access face minimal operational changes. New participants need initial admin setup.

Shareholder Impact: Medium - provides liquidity option at predetermined price. The offer involves promoter-related entities and institutional private equity funds, suggesting potential ownership restructuring. No order modifications or cancellations allowed once bids are placed, requiring careful consideration before bidding.

Impact Justification

Specific to VIP Industries shareholders with medium market impact; standard tender offer process affecting up to 3.7 crore shares at fixed price of Rs. 388