Promoters of Varun Beverages are looking at selling stake worth INR 8,500 million through a block deal on February 10, 2023, according to reports. The shares are likely to be offered at a 5%-7% discount to Thursday's close price. On February 9, 2023, the stock ended nearly 3% down at INR 1,274.95 on the National Stock Exchange.

Nuvama Equities is the broker to the deal, reports said. The reason behind promoters' plan to sell stake couldn't be ascertained at the time of writing this report. Promoters, led by Ravikant Jaipuria cumulatively hold 63.90% stake in Varun Beverages, the second largest bottling company for Pepsico's beverages.