Indian beverages company Varun Beverage has got approval from its board to land up to 1,500 crore rupees ($210.7 million) via qualified institutions placement (QIP).

Varun Beverage, part of RJ Corp. Ltd., said that the money raised will be used to finance the recent acquisitions.

The offering is subject to the approval of shareholders in the annual general meeting which is to be held on April 17, 2019.

Recently, Varun Beverage inked a binding deal with PepsiCo India Holdings Pvt Ltd., part of PepsiCo., to buy franchise rights in South and West regions for a national bottling, sales and distribution footprint in 7 states.