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Informist, Thursday, Jun. 19, 2025

 

--United Spirits to acquire majority controlling stake in NAO Spirits 

--United Spirits to buy stake in NAO Spirits at INR 1.3-bln enterprise value 

 

NEW DELHI – United Spirits Ltd.'s parent Diageo India Thursday said it will pick a controlling stake in NAO Spirits, maker of craft gin brands like Greater Than and Hapusa, at an enterprise value of INR 1.30 billion. United Spirits, which currently holds 30% in NAO Spirits, will acquire the remaining 70% stake in two transactions, it said in an exchange filing.

 

The board of United Spirits has approved buying 37,683 equity shares of NAO Spirits in two tranches through a share purchase agreement for INR 538 million. Later, it will subscribe to 31,820 fresh equity shares and 27,577 compulsorily convertible preference shares for around INR 560 million. Additionally, the company will invest INR 200 million in NAO Spirits to fund working capital and other requirements of the business.

 

The first tranche of the share purchase agreement and subscription to fresh shares is expected to take place on or before Friday, the company said. The second tranche of the agreement is expected to be completed by Jun. 30, 2026. NAO Spirits was launched in 2017. India accounts for 98% of its revenues. The company also has presence in Singapore, Italy, and the UK.  

 

For the quarter ended March, United Spirits reported a net profit of INR 4.51 billion on a revenue of INR 65.49 billion. Thursday, shares of the company ended flat at INR 1,460.80 on the National Stock Exchange.  End

 

Reported by Anand JC 

Edited by Ashish Shirke

 

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