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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

bottles, softdrink

Varun Beverages is the flagship company of the Ravi Jaipuria group

Surajeet Das Gupta
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

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First Published: Apr 17 2019 | 3:24 PM IST

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