UPL To Raise Rs 4,200 Crore Via Rights Issue

UPL Ltd. has approved raising funds of up to Rs 4,200 crore via rights issue.

The board approved the proposal subject to receipt of statutory and regulatory approval, by way of issue of equity shares on a rights issue basis, the company said in its exchange filing on Friday.

The detailed terms to the rights issue, including the issue price, rights entitlement ratio, record date, timing and terms of payment will be determined in due course, it said.

On Dec. 13, the global sustainable agricultural solutions provider said it is the first agrochemical company that has been included in the Dow Jones Sustainability World Index as well as the DJSI Emerging Markets Index.

"This milestone underlines our mission to reimagining sustainability and our ongoing journey towards a better future for our customers, our partners, our employees and the planet," Jai Shroff, chairman and group CEO of UPL Group, said earlier.

Shares of UPL closed 0.85% lower at Rs 581.65 apiece on the NSE, as compared with a 0.44% advance in the benchmark Nifty 50.