UPL plans to raise ₹3,378 Crore via rights issue

21 Nov 2024 , 08:51 AM

On Wednesday (November 20), UPL Ltd accepted the terms for its ₹3,377.74 Crore rights issuance at a meeting of the Rights Issue Committee.

The sale includes 9,38,25,955 partially paid-up equity shares priced at ₹360 each, with a ₹358 premium per share upon full payment. Eligible shareholders can subscribe for one rights equity share for every eight fully paid-up equity shares held on November 26, 2024, the record date.

The rights issue will begin on December 5, 2024, and end on December 17, 2024. Shareholders may relinquish their rights on-market between December 5 and December 11, or through off-market transfers before the issue closes.

This approach is consistent with UPL’s previously disclosed strategy to raise up to 4,200 Crore through equity issuance, approved by its board in December 2023. The company posted a net loss of ₹443 Crore for the September quarter, compared to ₹189 Crore in the same quarter last year.

Revenue for the quarter climbed by 9% to ₹11,090 Crore, up from ₹10,170 Crore in the same time last year. Revenue growth in the quarter was driven by a 16% year-on-year (YoY) increase in volumes, a 7% drop in pricing, and near-flat exchange rates.

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