Varun Beverages, PepsiCo's largest franchise bottler, on Tuesday extended the deadline for completion of the acquisition of Ghana-based SBC Beverages for a month to March 31.
On Nov. 13, 2024, Varun Beverages Ltd. had entered into a share purchase agreement for the purchase of 100% shares of SBC Beverages Ghana at $15.06 million, or Rs 127.1 crore.
The company had estimated to complete the transaction by the end of February 2025.
However, in regulatory updates, VBL said "consummation of the aforesaid transaction is extended up to March 31, 2025, instead of Feb. 28, 2025".
Last November, VBL entered into a share purchase agreement with Tanzania Bottling Company SA and SBC Beverages Ghana for purchase of 100% shares at $154.50 million and $15.06 million, respectively. Both are PepsiCo's business.
VBL has already raised Rs 7,500 crore in 2024 through QIP and utilisation of proceeds is primarily towards repayment of debt as well as acquisitions.
Shares of Varun Beverages Ltd. on Tuesday settled at Rs 476.40 apiece, down 4.70% from the previous close.
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