Varun Beverages considers to raise funds via QIP, shares fall 5.80%

Varun Beverages shares fell 5.80% to ₹545.30 as against the previous close of ₹578.90 on NSE. The market cap of the company slipped to ₹1.83 lakh crore. A total of 0.97 lakh shares of the firm changed hands, amounting to a turnover of ₹5.45 crore.

Varun Beverages stocks delivered huge returns of 148% in 2 years and 366% in the last 3 years. The company said, "Pursuant to the provisions of Regulation 29(1)(d) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that a meeting of the Board of Directors of the Company will be held on Wednesday, 9th October, 2024 inter-alia, to consider and approve the following:

(i) Raising of funds by way of issuance of Equity Shares through Qualified Institutions Placement (“QIP”).

(ii) Notice of Postal Ballot for seeking approval of Equity Shareholders in respect of raising of funds by way of issuance of Equity Shares through QIP." (We have taken this from?)

Varun Beverages Limited is an Indian multinational company that manufactures, bottles and distributes beverages. It is the largest bottling company of PepsiCo's beverages in the world outside the United States and the largest in the AMESA sector. The company has served PepsiCo beverages to 1/6th of the world's population with 3.8 million+ outlets and 47 manufacturing facilities in 14 countries.