Khaitan & Co and Hogan Lovells served as Indian and international counsel on the $890 million qualified institutional placement of shares by Varun Beverages, the leading bottler of beverage major PepsiCo.
This is the fourth largest QIP in India this year, following Vedanta, Zomato, and Adani Energy.
The transaction was managed by Kotak Mahindra Capital Company, CLSA, IIFL Capital Services, Motilal Oswal, and Jefferies India.
VBL is PepsiCo's second-largest bottling partner outside the United States, accounting for more than 90 percent of PepsiCo’s beverage sales volume in India in 2023.
The Hogan Lovells team was led by India practice head and Singapore office managing partner Biswajit Chatterjee, with support from Kaustubh George, Varun Jetly, Aditya Rajput, Jayant Bharadwaj, Sanjana Ravjiani, and Rosen Chen.
The Khaitan team was led by partners Gautham Srinivas and Sathvik Ponnappa, who were assisted by principal associate Pulkit Singh Rahangdale, senior associate Sanjeev Chowdhary, and associates Vaishnavi Gupta and Vanshika Chaudhry.
