United Spirits Limited to invest INR 31.50 crores in NaoSpirits & Beverages Private Limited

The board of directors of the Company at its meeting held today has inter-alia approved the investment in NaoSpirits & Beverages Private Limited,whose turnover and networth for the financial year ended 31March 2021 were INR 14.07 crore and INR 21.31 crore respectively.

As an alcohol beverage company,NAO is engaged in the business of developments,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.

The company will subscribe 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 for INR20 crore;and purchase ,from existing shareholders,4,660 equity shares of NAO equivalent to 8.21% of its issued and paidup share capital for INR 11.50 crore totaling a cash consideration of INR 31.50 crore

Further,upon NAO achieving certain pre-agreed milestones within a defined time period,the definitive agreements provide for an option on the part of Company to acquire remaining shares held by other share holders at a pre-determined valuation methodology.