The Board of Directors of Varun Beverages Ltd had earlier approved its intent to enter into a binding agreement with PepsiCo to acquire franchise rights in South and West regions from PepsiCo for a national bottling, sales and distribution footprint in 7 states and 5 Union Territories (subject to receipt of necessary statutory approvals).
The Competition Commission of India ('CCI') vide its letter dated March 22, 2019 intimated that CCI, in its meeting held on March 22, 2019 considered and approved the above-mentioned proposed acquisition under sub section (1) of Section 31 of the Competition Act, 2002.
Shares of Varun Beverages Ltd was last trading in BSE at Rs.807.1 as compared to the previous close of Rs. 819.8. The total number of shares traded during the day was 2216 in over 191 trades.
The stock hit an intraday high of Rs. 822 and intraday low of 805. The net turnover during the day was Rs. 1806567.