<h1>Promoter family sells 32% stake in luggage manufacturer to PE consortium, triggering mandatory open offer at Rs 388 per share</h1> A promoter family will sell up to 32% stake in a leading luggage manufacturer to a private equity consortium. The transaction triggers a mandatory open offer for 26% additional shares from public shareholders at Rs 388 per share, totaling Rs 1,437.78 crore consideration. The open offer price is 15% below current market price. Upon completion, control transfers to the PE consortium while the promoter family retains shareholding, with the promoter becoming Chairman Emeritus. The transaction requires Competition Commission approval and compliance with SEBI takeover regulations. The luggage company holds over 50% market share in branded luggage but faces increasing competition.