Agro-chemical major UPL has divested its entire stake in its joint venture United Phosphorus (Bangladesh) as part of the company's plan to reorganise its overseas businesses.
"The company has transferred its entire holding of 1,627 equity shares constituting 50 percent of the total paid up capital of United Phosphorus (Bangladesh) at a consideration of USD 3,28,816(Rs 2.19 crore)to UPL Corporation (formerly known as Bio-Win Corporation)," UPL said in a BSE filing.
The company signed a share-sale agreement on September 21, 2016 with UPL Corporation, which is a related party, it said.
The UPL calculated the sale consideration of its stake on the basis of net fair valuation conducted by a chartered accountant, it added.
The turnover of United Phosphorus (Bangladesh) in the financial year 2014-15 was Rs 636 lakh.
UPL is the leading agrochemical company and is engaged in research, manufacturing, marketing, sales and distribution of agrochemicals and speciality chemicals across the globe. It posted a revenue of Rs 13,301 crore in last fiscal.
UPL's scrip was trading at Rs 687.20 a piece on BSE, up 0.53 percent from previous close.
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