Varun Beverages acquires 9.80% stake in Lone Cypress Ventures

Varun Beverages acquires 9.80% stake in Lone Cypress Ventures

Indian Market
by 5paisa Research Team Last Updated: Mar 14, 2023 - 04:32 pm 142 Views

Lone Cypress Ventures is a special purpose vehicle inter-alia engaged to supply solar power to consumers in Uttar Pradesh 

Acquiring stakes in Lone Cypress Ventures

Varun Beverages has acquired 9.80% of Equity Share Capital (5.68% on fully diluted basis) of Lone Cypress Ventures, a special purpose vehicle inter-alia engaged to supply solar power to consumers in the state of Uttar Pradesh. The company intends to obtain solar power (generation and supply) from SPV for its facilities located in Sandila, Uttar Pradesh and Kosi, Uttar Pradesh.

Solar power is environment friendly (green energy) with the added advantage of reduction in the power cost of the respective facilities. Accordingly, as per the Electricity Act, 2003, the Company, being captive user, is required to make investment in the SPV. As part of the proposed transaction, the Company, being the captive user, has invested Rs 3.15 crore in the equity shares of the SPV.

Stock price movement

On Tuesday, the stock opened at Rs 1306.40 and touched a high and low of Rs 1345.00 and Rs 1295.55 respectively. The BSE group 'A' stock of face value Rs 10 has touched a 52-week high and low of Rs 1432.05 and Rs 594.00, respectively. Last one week high and low of the scrip stood at Rs 1378.20 and Rs 1295.55 respectively. The current market cap of the company is Rs 85,053.13 crore.

The promoters holding in the company stood at 63.90%, while Institutions and Non-Institutions held 29.89% and 6.22% respectively.

Company Profile 

Varun Beverages Ltd has been associated with PepsiCo since the 1990s and is a key player in beverage industry and one of the largest franchisees of PepsiCo in the world. The company produces and distributes a wide range of carbonated soft drinks, non-carbonated drinks and packaged water sold under trademarks owned by PepsiCo.  PepsiCo brands produced and sold by the company include Pepsi, Seven-up, Mirinda Orange, Mountain Dew, Tropicana Juices and many more.

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