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 two-fold ...
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