Date: 22nd July 2026

Board Meeting Outcomes

  • The Board of Directors meeting was held on 22nd July 2026, commencing at 14:50 hours IST and concluding at 18:23 hours IST.
  • The Board approved investment in Nuvola Spirits Private Limited (NSPL) by subscribing to 17,350 Compulsory Convertible Preference Shares (CCPS) and 10 equity shares of NSPL.
  • The investment aggregates to 10.08% of NSPL's issued and paid-up share capital on a fully diluted basis.
  • The aggregate consideration for the investment is INR 2.69 crore.

Disinvestment / Strategic Actions

Target Entity Details:

  • Name: Nuvola Spirits Private Limited (NSPL)
  • Industry: Alcohol and non-alcohol beverage company
  • Business: Developing, producing, marketing and selling alcohol beverages under brand names "Mikiamo" and "Seoulmate"
  • Financials (Audited for year ended 31st March 2025): Turnover INR 0.38 crore, Net Worth negative INR 0.15 crore
  • Unaudited FY 25-26: Turnover INR 3.50 crore

Investment Details:

  • Investment Type: Subscription of 17,350 CCPS and 10 equity shares
  • Stake Acquired: 10.08% on fully diluted basis
  • Consideration: INR 2.69 crore (cash)
  • Completion Timeline: On or before 21st September 2026
  • Government Approvals: None required

Strategic Rationale:

  • The investment aligns with United Spirits' ongoing strategy of backing innovative founders
  • The company aims to capitalize on emerging consumer trends within the premium craft beverage segment
  • NSPL distinguishes itself by crafting products using Italian and Korean flavor profiles
  • Products include Soju (Korean RTD spirit) and Limoncello, Meloncello, Amara Rosso (Italian liqueurs)

Additional Rights and Options:

  • Upon NSPL achieving certain pre-agreed milestones within a defined time period, United Spirits has an option to acquire remaining shares held by other shareholders at a pre-determined valuation methodology

Share Subscription and Shareholder Agreement (SSHA)

Parties: The SSHA dated 22nd July 2026 was entered into between United Spirits Limited, NSPL, Mr. Raghav Sachdeva and Ms. Aakriti Sachdeva

Significant Terms:

  • United Spirits has the right to appoint one director and an observer to the Board of NSPL
  • The Company has tag-along rights and drag-along rights in connection with any proposal by NSPL promoters to transfer shares to third parties
  • NSPL promoters have right of first offer in case of any proposal by United Spirits to transfer shares to third parties
  • The transaction is not a related party transaction
  • Promoters, promoter group, and group companies of United Spirits have no interest in NSPL

Company Background:

  • NSPL was incorporated on 2nd August 2023
  • Founded by Mr. Raghav Sachdeva and Ms. Aakriti Sachdeva to capture growing consumer appetite for globally inspired beverages
  • Historical turnover: FY 23-24: NIL, FY 24-25: INR 0.38 crore, FY 25-26: INR 3.50 crore (un-audited)