Global private equity firm Advent International is in advanced discussions to acquire a controlling stake in listed luggage and travel accessories maker VIP Industries.
According to a report by MintThe development revives the sale discussions initiated nearly a year ago by the Dilip Piramal-led promoter group.
“The deal has been revived, and Advent is the frontrunner,” the report quoted a source as saying, noting that talks remain inconclusive and could still fall through.
The promoters, who own 51.74% stake in VIP Industries, are said to have put their entire stake up for sale. This move may trigger an open offer, as mandated by regulatory guidelines.
By the September 2024 quarter, the company’s Rs. 6,531.91 crore based on a market capitalization valuing the promoter’s stake at around Rs. 3,379 crores.
The transaction took place on the NSE at Rs. 459.95 is expected to entail a premium of 10-15% over the current market price.