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Varun Beverages to raise ₹7,500 crore for expansion; board approves QIP
1 min read | Updated on October 09, 2024, 14:05 IST
SUMMARY
Varun Beverages plans to raise ₹7,500 crore through Qualified Institutions Placement (QIP) to fund growth initiatives. The board approved the proposal, with proceeds aimed at investments, business expansion, debt repayment, and corporate purposes. VBL accounts for 90% of PepsiCo's sales in India.
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VBL accounts for 90% of PepsiCo's beverage sales volume in India
The board of the company in a meeting held on Wednesday approved the proposal for "raising of funds by way of issuance of equity shares for an aggregate amount not exceeding Rs 7,500 crore" through QIP, according to a regulatory filing by the company.
The fund would be raised in "one or more tranches" and would be "subject to receipt of approval of equity shareholders of the company" through postal ballot, it added.
This will also help in "Pre-payment or repayment" of debts and in general corporate purposes, Varun Beverages Ltd (VBL) said in a regulatory filing.
VBL accounts for 90% of PepsiCo's beverage sales volume in India.
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