Varun Beverages saw its share price rally up to 6% on Thursday as the stock turned ex-date for a stock split. Shares of Varun beverages were trading at Rs 827.10 at 03:15 pm, up 2.87% from the previous close on the NSE. 

The Board of Directors of Varun Beverages had fixed June 15 as the ‘Record Date’ for the split of existing equity shares of the company in the proportion of 1:2. The company decided to issue two equity shares with a face value of Rs 5 each for one share of a face value of Rs 10 each.

In the quarter ended March 2023, the company reported a 69% year-on-year (YoY) to Rs 429 crore. The company’s revenue grew 37.7% YoY to Rs 3,893 crore, while EBITDA growth was 50.3% YoY, with margins at 20.5%. 

Varun Beverages produces & distributes carbonated drinks, juices & packaged drinking water in six countries, including India and is one of the largest franchisees of PepsiCo in the world. The company focuses on expanding energy drinks like Sting and Gatorade, value-added dairy, and juice segments.

The stock closed at Rs 1614.54 (unadjusted of stock-split) on Wednesday. On the ex-date, the shares surged to an intraday high of Rs 862, up nearly 6.8% from an adjusted previous closing price of Rs 807.25 on the BSE.