Pepsi's bottling partner Varun Beverages raises Rs 900 cr via QIP

PepsiCo India's bottling partner Varun Beverages on Saturday said it has raised Re 899.99 crore through qualified institutional placement (QIP).

"The QIP Committee at its meeting... approved the allotment of 1,47,05,882 equity shares to the eligible qualified institutional buyers at issue price of Rs 612 per equity share...aggregating to Rs 899.99 crore," Varun Beverages said in a regulatory filing.

The company said the QIP issue opened on September 3, 2019 and closed on September 6, 2019.

Earlier this year, Varun Beverages announced plans to acquire PepsiCo's franchise rights in southern and western India.