announced late Monday that its board approved the acquisition of 20% stake in Lunarmech Technologies Pvt. Ltd. for Rs15cr.
Post acquisition, the company will hold 55% of the effective equity share capital of Lunarmech.
The transaction is a related party transaction as Mr. Vivek Gupta a person falling under Promoter Group is a Director in Lunarmech. The transaction is being done at arms' length, the company stated.
Lunarmech is carrying on the business of manufacturers, processors, buyers, sellers, importers, exporters or otherwise deals in all kinds of pet bottle caps and crown caps.
Varun Beverages holds 47.30% Equity Share Capital in Angelica Technologies Private Limited which holds 74% Equity Share Capital in Lunarmech.
Varun Beverages Ltd ended at Rs625.85 down by Rs5.7 or 0.9% from its previous closing of Rs631.55 on the BSE.
The scrip opened at Rs625 and touched a high and low of Rs630 and Rs608 respectively. A total of 1,06,527 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs17,147.22cr.