United Spirits Limited to invest in Nao Spirits & Beverages Pvt Ltd

The board of directors of United Spirits Limited at its meeting held today has approved the investment in Nao Spirits & Beverages Private Limited, (CIN: U15100DL2010PTC197532) ("NAO") by 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 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 INR 31.50 crore.

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.

NAO has successfully developed an Indian craft gin with a global appeal. In a short span of 2-3 years, it has become one of the top emerging gin brand in India. Its products - Greater Than and Hapusa have won awards both in India and internationally.

Shares of United Spirits Limited was last trading in BSE at Rs. 851.50 as compared to the previous close of Rs. 844.60. The total number of shares traded during the day was 21519 in over 1225 trades.

The stock hit an intraday high of Rs. 855.45 and intraday low of 835.00. The net turnover during the day was Rs. 18267529.00.

Source : Equity Bulls

Keywords

UnitedSpirits INE854D01024 Investment NaoSpiritsandBeverages LuxuryGin