Varun Beverages, the leading bottler for PepsiCo, plans to raise Rs 7,500 crore through a Qualified Institutions Placement (QIP) to support its growth initiatives.
The board of the company in a meeting held on Wednesday approved the proposal for "raising of funds by way of issuance of equity shares for an aggregate amount not exceeding Rs 7,500 crore" through QIP, according to a regulatory filing by the company.
The fund would be raised in "one or more tranches" and would be "subject to receipt of approval of equity shareholders of the company" through postal ballot, it added.
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