United Spirits Limited has completed its investment in Nuvola Spirits Private Limited (NSPL) by subscribing to 17,350 Compulsory Convertible Preference Shares (CCPS) and 10 equity shares of NSPL for an aggregate consideration of INR 2.69 crore. This transaction was initially approved by the Board of Directors at its meeting held on 22nd July 2026 and has now been fully executed.

Investment Details

  • Total Investment: INR 2.69 crore
  • Securities Acquired: 17,350 CCPS and 10 equity shares
  • Stake Acquired: 10.08% of NSPL's issued and paid-up share capital on a fully diluted basis
  • Consideration Type: Cash consideration
  • Completion Date: Investment completed on or before 18th September 2026
  • Regulatory Reference: Disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

Target Company Information

  • NSPL CIN: U11011DL2023PTC418051
  • Incorporation Date: 2nd August 2023
  • Industry: Alcohol and non-alcohol beverage company
  • Business: Developing, producing, marketing and selling alcohol beverages
  • Founders: Mr. Raghav Sachdeva and Ms. Aakriti Sachdeva
  • Brands: Mikiamo and Seoulmate craft liqueur brands featuring Italian and Korean flavor profiles including Soju (Korean RTD spirit), Limoncello, Meloncello, and Amara Rosso (Italian liqueurs)

Financial Performance of NSPL

  • FY 2023-24 Sales: NIL
  • FY 2024-25 Sales: INR 0.38 crore (audited)
  • FY 2025-26 Sales: INR 3.50 crore (unaudited)
  • Net Worth as of 31st March 2025: Negative INR 0.15 crore

Share Subscription and Shareholders Agreement (SSHA)

  • Agreement Date: 22nd July 2026
  • Parties: United Spirits Limited, NSPL, Mr. Raghav Sachdeva, and Ms. Aakriti Sachdeva
  • Purpose: Sets out understanding for issuance and allotment of securities and rights/obligations of parties
  • Governance Rights: United Spirits has right to appoint one director and one observer to NSPL's Board
  • Transfer Rights: Company has tag-along and drag-along rights; promoters have right of first offer
  • Future Option: Upon NSPL achieving certain pre-agreed milestones within defined time period, United Spirits has option to acquire remaining shares from other shareholders at pre-determined valuation methodology

Regulatory and Compliance Aspects

  • Related Party Transaction: Does not qualify as related party transaction
  • Promoter Interest: Promoters, promoter groups, and group companies of United Spirits have no interest in NSPL
  • Government Approvals: No governmental or regulatory approvals required for the acquisition

Transaction Rationale

The investment aligns with United Spirits' strategy of backing innovative founders and capitalizing on emerging consumer trends within the premium craft beverage segment, particularly targeting the growing consumer appetite for globally inspired beverages.

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