New Delhi, June 19 -- United Spirits Ltd (USL), the Indian arm of global liquor major Diageo Plc, is acquiring homegrown craft spirits maker Nao Spirits & Beverages Pvt. Ltd in a deal valued at about Rs.110 crore, it said in a stock exchange filing late Thursday evening.

The USL board approved the acquisition of an additional stake in Nao Spirits, which owns gin brands like Greater Than and Hapusa, on Wednesday.

The company, which already holds 30% in the business, will buy 37,683 equity shares from existing shareholders in two tranches for around Rs.53.8 crore.

It will simultaneously invest approximately Rs.56 crore via a fresh subscription of 31,820 equity shares and 27,577 compulsorily convertible preference shares (CCPS), it said i...