PE fund AION fully exits Varun Beverages, walks away with handsome returns

AION, a joint venture between Apollo Global Management and ICICI Venture, had invested $90 million in Varun Beverages

Private equity fund AION has decided to completely exit the Ravi Jaipuria-promoted Varun Beverages, bottlers for beverage giant Pepsi.

This comes nearly three and a half year after it invested $90 million (Rs 625 crore according to Wednesday’s exchange rate) in the company.  

In a block deal, AION has sold its remaining 4.5 per cent stake in Varun at Rs 850 a share, a slight premium over the closing price on Tuesday of Rs 844.75 on the National Stock Exchange (NSE). According to sources, this translates to a 25 per cent annual return on equity in dollar terms or a