United Spirits Limited (NSEI:UNITDSPR) agreed to acquire an additional majority stake in Nao Spirits & Beverages Private Limited for approximately INR 540 million on June 19, 2025. A cash consideration of INR 538 million will be paid by United Spirits Limited. As part of consideration, INR 538 million is paid towards 37,683 equity shares of Nao Spirits & Beverages Private Limited. In a related transaction, United Spirits Limited also announced fresh subscription to 31,820 equity shares and 27,577 Compulsorily Convertible Preference Shares (?CCPS?) of NAO for an aggregate consideration of approximately INR 560 million. Upon successful completion of both the acquisition of shares in the first tranche under the SPA and the fresh subscription (which will occur simultaneously), the Company will hold shares constituting approximately 97.07% of the paid-up share capital of NAO, resulting in NAO becoming a subsidiary of the Company. Following the successful completion of the acquisition of shares in the second tranche under the SPA which will occur at a later stage, the Company will hold 100% of the paid-up share capital of NAO.

The expected completion of the transaction is June 30, 2026.