Diageo India to acquire NAO Spirits for Rs,130-Cr

Publicly listed Diageo India (United Spirits) is acquiring a controlling stake in NAO Spirits at an enterprise value of INR 130 crore (USD 15.2 million).United Spirits will first purchase 37,683 equity shares of NAO from its existing shareholders, in two tranches, for an aggregate consideration of approximately INR 53.80 crore. It will then subscribe afresh to 31,820 equity shares and 27,577 compulsorily convertible preference shares (CCPS) of NAO for a total consideration of approximately INR 56 crore. Upon completion, Diageo India will hold about 97.07 per cent of NAO.