VIP Industries , a leading luggage manufacturer, witnessed significant changes in its ownership structure and management team. The company's promoters have sold a substantial stake, while also announcing key leadership transitions.

Stake Sale Details

Promoters of VIP Industries executed a block deal, selling a 6.2% stake in the company for ₹343.00 crore. The transaction involved the following parties:

• Sellers: Piramal Vibhuti Investments and Kiddy Plast
• Buyers:
  • Multiples Private Equity Fund: Acquired 60 lakh shares for ₹233.00 crore
  • Samvibhag Securities: Purchased 22 lakh shares for ₹86.00 crore

The block deal was carried out at ₹388.20 per share, involving a total of 88.4 lakh shares.

Recent Ownership Changes

This transaction follows a major deal in July where a consortium including Multiples Private Equity Fund IV, Samvibhag Securities, and Mithun and Siddhartha Sacheti acquired a 32% stake from the promoters. The consortium subsequently announced a mandatory open offer for an additional 26% stake, with plans to spend ₹1,437.00 crore to buy up to 3.7 crore shares at ₹388.00 each. The total transaction value for a 58% stake amounts to ₹3,200.00 crore.

Management Transitions

Alongside the ownership changes, VIP Industries announced significant leadership transitions:

1. Managing Director Resignation: Neetu Kashiramka, the current Managing Director, has submitted her resignation effective from September 23. However, she will continue in her role until October 31, 2025.

2. New Managing Director Appointment: Atul Jain has been appointed as the new Managing Director for a five-year term, commencing from September 23.

Market Response

Following these announcements, VIP Industries' shares closed 3.7% lower at ₹410.35 on the stock market.

Company Initiatives

As part of its ongoing commitment to shareholder engagement, VIP Industries has initiated a 100-day campaign called "Saksham Niveshak" from July 28, 2025, to November 6, 2025. This campaign aims to:

1. Encourage shareholders to update their KYC details, including PAN, bank account information, contact details, and nomination preferences.
2. Prevent the transfer of unpaid/unclaimed dividends to the Investor Education and Protection Fund (IEPF).

The company is actively reaching out to shareholders to ensure their dividend claims are processed and to keep their information up to date, thereby avoiding potential transfer of shares and unclaimed dividends to the IEPF.

These developments signify a period of significant transition for VIP Industries, with changes in ownership structure, management, and a renewed focus on shareholder engagement and compliance.

VIP Industries , a leading luggage manufacturer, has announced significant changes to its board of directors following the acquisition of management control by Multiples Group. The restructuring, which took effect on September 23, 2025, marks a new chapter in the company's leadership.

New Appointments

The company has appointed several new directors to its board:

• Ms. Renuka Ramnath: Appointed as Additional Director and Chairperson
• Mr. Sridhar Sankararaman: Appointed as Additional Director (Non-Executive Non-Independent)
• Ms. Shalini D. Piramal: Appointed as Additional Director (Non-Executive Non-Independent)
• Mr. Rajendra Agarwal: Appointed as Additional Director (Non-Executive & Independent) for a term of 5 years
• Mr. Atul Jain: Appointed as Managing Director for a five-year term starting September 23, 2025, subject to shareholder approval

Resignations

Several directors have stepped down from their positions:

• Mr. Dilip Piramal: Resigned as Chairman and Non-Executive Non-Independent Director
• Ms. Radhika Piramal: Resigned as Vice-Chairperson and Executive Director
• Mr. Ashish Saha: Resigned as Executive Director
• Mr. Ramesh Damani: Resigned as Non-Executive Independent Director
• Ms. Neetu Kashiramka: Resigned as Managing Director, effective from the close of the board meeting

Chairman Emeritus

In recognition of his valuable contributions, Mr. Dilip Piramal has been appointed as Chairman Emeritus of VIP Industries on an honorary basis for life. This position does not include board membership or remuneration.

Background of the Acquisition

The board restructuring follows a Share Purchase Agreement (SPA) and Shareholders' Agreement (SHA) that received approval from the Competition Commission of India on August 26, 2025. As a result of this transaction:

1. The SHA became effective on September 23, 2025.
2. Multiples Private Equity Fund IV and Multiples Private Equity Gift Fund IV (collectively, "Multiples Group") now have the right to nominate the majority of the company's directors.
3. Multiples Group has acquired 'Control' and has been classified as 'Promoters' of VIP Industries.

Management Continuity

While Mr. Ashish Saha has resigned from his position as Executive Director, he will continue to be employed by VIP Industries as Senior Vice President – Manufacturing & New Projects and remain part of the Leadership team. Ms. Neetu Kashiramka will remain employed with the company until October 31, 2025.

New Directors' Experience

The newly appointed directors bring a wealth of experience to VIP Industries:

• Ms. Renuka Ramnath has over 32 years of experience in the Indian financial sector.
• Mr. Sridhar Sankararaman has two decades of experience in financial services, including 15 years in private equity.
• Ms. Shalini D. Piramal brings extensive experience in the real estate sector and retail operations.
• Mr. Rajendra Agarwal is a gold medalist in Textile Technology with over four decades of techno-commercial expertise in the Textile industry.
• Mr. Atul Jain, an alumnus of IIT-Delhi and IIM-Calcutta, previously served as Senior Director at Samsung Electronics global headquarters in South Korea and held roles at companies including Aptech Ltd., Coca-Cola, Godfrey Phillips India Ltd., and Bharti Airtel.

These changes represent a significant shift in VIP Industries' leadership structure, aligning with the new ownership under Multiples Group. The company's stakeholders will be watching closely to see how these changes impact the future direction and performance of this well-known luggage brand.

Mr. Jain, who is not related to any current directors of the company, has been authorized to determine materiality of events for stock exchange disclosures.