Mumbai, July 14 -- Promoters of listed luggage and travel accessories maker VIP Industries have sold around 32% stake in the company to a consortium of Multiples Alternatives, Mithun Sancheti and others, the company announced on stock exchanges on Sunday.

The share sale purchase will trigger an open offer and is likely to help the buyers mop up more stake in the company.

Mint first reported that Multiples PE was in talks with VIP Promoters for a share purchase on 23 June.

As per the share purchase agreement entered between the buyers and the sellers, Dilip Piramal and family, the promoters of VIP Industries have sold around 45,446,305 equity shares, constituting approximately 32% of the total paid-up share capital of the company, the c...