United Spirits Ltd.

United Spirits has received approval for further investment in Nao Spirits & Beverages (NAO) by subscribing to 6,078 Compulsory Convertible Preference Shares (CCPS) of NAO for an aggregate consideration of Rs 15 crore. Upon consummation of the aforesaid proposal, the Company’s shareholding in NAO will increase to 30% of the equity share capital on a fully diluted basis.

The proposed investment will enable NAO to fund its operating expenses and fixed / working capital requirements for growth and expansion. The proposed investment will be made upon execution of the definitive agreement and fulfilment of condition precedents etc. The board of directors of the Company at its meeting held on January 24, 2023 has approved the same.

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.