United Spirits to acquire majority stake in NAO Spirits

** United Spirits Limited (UNITDSPR) announced today that its board of directors has approved a plan to acquire a majority stake in Nao Spirits & Beverages Private Limited, a move designed to strengthen its portfolio and explore growth opportunities in the Indian craft spirits market. The transaction will see United Spirits purchase 37,683 equity shares from existing NAO shareholders in two tranches for an aggregate consideration of approximately INR 53.80 crores. The company will also subscribe to 31,820 equity shares and 27,577 Compulsorily Convertible Preference Shares of NAO for an aggregate consideration of approximately INR 56 crores.