United Spirites invests in Nao SpiritsMCDOWELL-N - 799 Change: 3.00 (0.38 %)
News: United Spirits has invested Rs.31.5 crore in premium craft gin maker Nao Spirits and Beverages. The investment has been done via subscribing to 14.3% (compulsory convertible preference shares) of the issued and paid-up capital of Rs.20 crore and purchasing 8.21% of issues shares from existing shareholders
Views: Further, the company has an option of buying remaining shares held by other shareholders at predetermined valuation on achieving certain pre-agreed milestones. The company has developed Indian craft gin with a global appeal (products named : Greater than, Hapusa) and achieved revenue of Rs.14 crore in FY21 (85% of revenues from India).