Stock Market

Varun Beverages garners Rs 327 cr from anchor investors

Varun Beverages garners Rs 327 cr from anchor investors

Varun Beverages, PepsiCo’s largest franchise bottler, on Tuesday raised over Rs 327 crore by allotting shares to anchor investors, a day ahead of its initial public offering opens for subscription.

The shares were alloted at Rs 445 apiece, which is the higher end of the price band of IPO.

Among the anchor investors are Abu Dhabi Investment Authority, Merrill Lynch, Morgan Stanley and Small Cap World Fund.

“Under Anchor Investors (AIs) portion in the public issue of Varun Beverages, 73,50,000 equity shares have been subscribed on Tuesday by 14 AIs at Rs 445 per equity share,” BSE said in a circular.

The initial public offer of Varun Beverages, that entails sale of up to 2.5 crore shares, will open tomorrow and close on October 28.

The company has fixed the price band at Rs 440-445 per share. At the upper end, the firm company would raise Rs 1,112.50 crore through the offer.

Proceeds of the issue would be utilised for capital expenditure, repayment of loans and for other general corporate purposes.

The issue is being managed by Kotak Mahindra Capital Company, Axis Capital, CLSA India and YES Securities (India) Ltd.