Kemp and Company Limited's Board has approved the sale of up to 33.53 lakh equity shares held in VIP Industries Limited.

This divestment, which includes shares valued at approximately Rs 5.09 crore on the company's books (representing 25% of Kemp's net worth), could yield an aggregate consideration of Rs 66.12 crore for 17.04 lakh shares at Rs 388 each.

The transaction involves a Share Purchase Agreement and a Shareholders' Agreement, granting the buyers the right to nominate a majority of directors to VIP Industries' Board.

This move signals a significant strategic shift in VIP Industries' ownership and governance.