varun beverages shares: Varun Beverages shares slide over 3% after raising Rs 7,500 crore via QIP

Shares of Pepsi’s bottling partner Varun Beverages today fell by 3.4% to their day’s low of Rs 610 on the BSE after the company announced that it has closed its qualified institutional placement (QIP) to raise Rs 7,500 crore on Tuesday.

The company has allocated 13,27,43,362 (13.28 crore) equity shares at an issue price of Rs 565.

“We wish to inform you that the Management Committee at its meeting held today i.e. November 19, 2024 (started at 11:20 P.M. and concluded at 11:30 P.M.) has, inter alia, considered and approved the following: Determined and approved the allocation of 132,743,362 Equity Shares at an Issue price of Rs 565.00 per Equity Share (including a premium of Rs 563.00 per Equity Share) which is at a discount of 4.97% (i.e. Rs 29.56 per Equity Share) to the floor price of Rs 594.56 per Equity Share,” said the company in an exchange filing.

The issue closed on November 19 and the company also approved and adopted the placement document in connection with the issue.

The offer opened earlier in the last week on Wednesday, November 14.

Recently, the stock of Varun Beverages has also been added to the list of F&O stocks.Also read: Adani shares crash up to 20% after Gautam Adani indicted in US on bribery, fraud charges

Pepsico’s bottling partner reported a 22.3% year-on-year (YoY) jump in its net profit at Rs 628.83 crore for the third quarter ended September 2024.

The same stood at Rs 514 crore in the corresponding period of the last financial year and the same has increased by 24.5% for the 9 months ended September 2024.

The company also reported a revenue growth of 24.1% YoY to Rs 4,804.68 crore in Q3CY24.

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