United Spirits Acquires 10% Stake in Nuvola Spirits

MT Newswires Live

Jul 23

United Spirits (BOM:532432, NSE:MCDOWELL-N) will invest 26.9 million rupees in Nuvola Spirits for a 10.08% stake on a fully diluted basis, according to a Wednesday exchange filing.

The company will subscribe to 17,350 compulsorily convertible preference shares and 10 equity shares in Nuvola Spirits, which owns the craft liqueur brands Mikiamo and Seoulmate.

The transaction is expected to be completed by Sept. 21.

United Spirits said the investment aligns with its strategy of backing innovative founders and tapping emerging consumer trends in the premium craft beverage segment.

The agreement also gives the company an option to acquire the remaining stake in Nuvola Spirits if certain pre-agreed milestones are met.

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