Home / Companies / News /  United Spirits steps in premium craft gin segment, to invest in Nao Spirits

Indian alcoholic beverages company, United Spirits has received board of directors approval for investing to the tune of Rs31.50 crore in craft gin-maker Nao Spirits & Beverages. The transaction will be carried out by purchasing a portion of equity shares from existing shareholders and subscribing to Compulsory Convertible Preference Shares (CCPS) and equivalent shares.

Under the deal, United Spirits will subscribe to 8,094 CCPS and 10 equity shares of NAO equivalent to 14.29% of its issued and paid-up share capital on a fully diluted basis. Also, the Diageo-backed company will further purchase 4,660 equity shares of NAO equivalent to 8.21% from existing shareholders.

Cumulatively, United Spirits will own 22.50% equity shares of NAO aggregating to Rs31.50 crore. This transaction is expected to complete on or before April 30, 2022.

Through the investment, United Spirits enters the Indian provenance premium craft gin segment complimented by its world-class premium & luxury gin portfolio of Gordon's and Tanqueray.

Incorporated in January 2010, 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 brands in India. Its products - Greater Than and Hapusa have won awards both in India and internationally. About 85% of its revenues are from India. Additionally, NAO's products are available in 8

countries including the US and the United Kingdom. As of March 31, 2021, NAO's turnover and net worth stood at 14.07 crore and 21.31 crore respectively.

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