Promoters of this company sold a large stake in a block deal - watch the stock

News Topical, Digital Desk : The promoters of VIP Industries sold a 6.2% stake in the company through a block deal on Thursday, valued at ₹343 crore. Piramal Vibhuti Investments and Kiddy Plast sold 8.84 million shares at an average price of ₹388.2 per share. In the deal, Multiples Private Equity Fund purchased 6 million shares for ₹233 crore, while Samvibhag Securities acquired 2.2 million shares for ₹86 crore.

This deal follows a major deal in July

, when Multiples Private Equity Fund IV, Multiples Private Equity GIFT Fund IV, Samvibhag Securities, and Mithun and Siddharth Sacheti acquired a 32% stake in VIP Industries from the promoters. The consortium also announced a mandatory open offer to acquire an additional 26% stake in the company. Under this open offer, buyers will spend ₹1,437 crore to purchase 37 million shares at ₹388 per share. This brings the total value of the deal to ₹3,200 crore, acquiring a 58% stake. Management Changes: VIP Industries has seen leadership changes. The company's board has accepted the resignation of Managing Director Neetu Kashiremka, effective from the conclusion of the board meeting on September 23. However, she will continue to lead the company until October 31, 2025. Atul Jain has been appointed as the new Managing Director in his place for a five-year term, effective September 23. Share Performance The company's stock closed at Rs 410.35 on Friday, down 3.72%. Over the past year, the company's stock has declined 25.13%. 

Read More: Stock in Focus: Keep an eye on these 3 pharma stocks today, know what updates have come related to them?