<h1>Open offer under SEBI takeover norms prompts transfer of control to private equity while promoters remain shareholders.</h1> Dilip Piramal & Family will sell up to 32% of VIP Industries to the Multiples consortium, transferring control to Multiples Private Equity while the sellers remain shareholders and Dilip Piramal becomes Chairman Emeritus. The acquisition triggers a mandatory open offer made in accordance with the SEBI Takeover Regulations, specifying offer share volume and an offer price determined under the applicable valuation regulation. The transaction is conditional on statutory clearances, including Competition Commission approval, and is reported with reference to promoter shareholding, market trading history, and recent financial metrics.