The promoters of VIP Industries Ltd are considering selling their stake in India’s largest luggage and travel accessories maker, two people familiar with the development said.
The deal, including a potential open offer, could be worth as much as $1 billion and see the promoters completely exit the business, one of the people said. The promoters have hired the investment banking team of InCred Capital to manage the sale, the people cited above said, requesting anonymity.
The Dilip Piramal-led promoter group owns a little over 50% of VIP Industries, the owner of luggage brands such as VIP, Carlton and Skybags. The market value of VIP Industries is around ₹9,310 crore, valuing the promoters’ stake at about ₹4,650 crore.
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