United Spirits board approves investment of Rs31.50 crore in Nao Spirits -; Beverages

14 Mar 2022 , 10:42 AM

The board of directors of United Spirits Limited at its meeting held Saturday has approved the investment in Nao Spirits & Beverages Private Limited by:

(i) subscribing to 8,094 Compulsory Convertible Preference Shares (CCPS) and 10 equity shares of NAO equivalent to 14.29% of its issued and paid up share capital on a fully diluted basis; and

(ii) purchasing, from existing shareholders, 4,660 equity shares of NAO equivalent to 8.21% of its issued and paid up share capital on a fully diluted basis, collectively resulting in the Company owning 22.50% of the equity share capital of NAO on a fully diluted basis for an aggregate consideration of Rs31.50 crore.

At around 10.45 am, United Spirits Ltd was trading at Rs861.20 per piece up by Rs9.7 or 1.14% from its previous closing of Rs851.50 per piece on the BSE.

“As an alcohol beverage company, NAO is engaged in the business of development, marketing & selling of craft alcoholic beverage products, both within and outside India.

With this investment, Company enters the Indian provenance premium craft gin segment complimented by its world class premium & luxury gin portfolio of Gordon’s and Tanqueray,” company said in a filing.