Agrochemical firm UPL on Friday (December 22) said its board of directors has approved a proposal for raising funds amounting to ₹4,200 crore.
"...we wish to inform you that the Board of Directors of the Company at its meeting held today, i.e., on Friday, 22nd December 2023, inter alia, approved the proposal for fundraising for an amount aggregating up to ₹4,200 crore subject to receipt of statutory/regulatory approvals, as may be required under applicable law," UPL said in a regulatory filing.
The process will adhere to the regulatory framework, encompassing the Securities and Exchange Board of India (Issue of Capital and Disclosures Requirements) Regulations, 2018, subject to any subsequent amendments.
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"For the purposes of giving effect to the rights issue, the detailed terms to the rights issue including but not limited to the issue price, rights entitlement ratio, record date, timing and terms of payment will be determined in due course by the Board or duly constituted committee of the Board," the company added.
Last week, UPL announced that Dow Jones included the company in its sustainability and emerging market indices — Dow Jones Sustainability Index (DJSI) — after its outstanding performance on sustainability parameters. This was the first agrochemical company included in the esteemed Dow Jones Sustainability World and Emerging Markets Indices (DJSI).
With annual revenues of more than $6 billion, UPL is one of the largest agriculture solutions firms. Its portfolio comprises biological and traditional crop protection solutions with over 14,000 registrations. It has a presence in over 130 countries.
UPL reported a net loss of ₹189 crore in the July-September quarter of the current financial year FY24 against a CNBC-TV18 poll estimate of ₹324 crore profit. Besides, revenue declined to ₹10,170 crore against the street estimate of ₹10,811 crore.
Shares of UPL Ltd ended at ₹581.70, up by ₹3.80, or 0.66%, on the BSE.
(Edited by : Shoma Bhattacharjee)
First Published: Dec 22, 2023 7:03 PM IST
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