United Spirits Ltd.

United Spirits has received approval from board of directors for investment in Nao Spirits & Beverages (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 Rs 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. Time period for completion of the acquisition on or before April 30, 2022.

United Spirits is the largest spirits company in India and a flagship entity of UB group. It manufactures wide range of whisky, vodka, rum and other spirits.