JM Financial announces VIP Industries open offer results

JM Financial Limited, as manager to the open offer, has released a post-offer advertisement concerning the acquisition of equity shares in VIP Industries Limited. The offer aimed to acquire up to 37,056,229 fully paid-up equity shares, representing 26.03% of the expanded share capital, at an offer price of INR 388.00 per share.

The actual number of shares tendered and accepted in the offer was 23,623, significantly below the proposed maximum. This resulted in an aggregate consideration of INR 9,165,724. Prior to the open offer, Acquirer 1 held 2.01%, Acquirer 2 held 2.21%, PAC 1 held 1.55%, PAC 2 held 0.06%, and PAC 3 held 0.06% of the equity share capital.

Following the offer, the post-offer shareholding of the Acquirers and PACs stands at Acquirer 1 with 2.01%, Acquirer 2 with 2.22%, PAC 1 with 1.56%, PAC 2 with 0.06%, and PAC 3 with 0.06%. The public shareholders' post-offer shareholding is 48.70%, slightly down from the pre-offer 48.72%.