UPL to raise Rs 4200 crore via rights issue

Pesticides maker UPL on December 22 said its board has approved a proposal to raise Rs 4,200 crore via rights issue.

“The Board of Directors of the Company at its meeting held today, that is, on Friday, December 22, 2023, inter alia, approved the proposal for fund raising for an amount aggregating up to Rs 4,200 crore subject to receipt of statutory/regulatory approval,” said UPL in a exchange filing.

In a rights issue, money is raised from existing shareholders by issuing fresh shares.

“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, in accordance with applicable laws, subject to receipt of necessary approvals, as may be required,” the company said.