UPL promoters likely to have put the company on the block for family separation: Sources

Sources with direct knowledge told Moneycontrol that promoters of UPL may sell the company to effect a family separation. Cash requirement of promoters for personal matters may drive a sale of UPL, sources suggest. Investment bankers have been hired for the sale process.

UPL in a response to Moneycontrol’s query said, “As a policy, the company does not comment on rumours.”

“Sale will enable division of economic interest between promoters. UPL has launched a buyback process which will also set a benchmark for the valuation of the sale process by the promoters," sources added.

Promoters on the board of UPL are Rajnikant Shroff, Jai Shroff & Vikram Shroff. Promoter shareholding stands at 28.24% as of December 31, 2021. ADIA, TPG Cap invested $1.2 billion for 22 percent in UPL Corp for acquisition of Arysta.