Private equity fund AION has decided to completely exit the Ravi Jaipuria-promoted Varun Beverages, bottlers for beverage giant Pepsi. This comes nearly three and a half year after it invested $90 mn. In a block deal, AION has sold its remaining 4.5 per cent stake in Varun at Rs.850 a share, a slight premium over the closing price on Tuesday of Rs.844.75 on the National Stock Exchange (NSE).