UPL shares in focus on plans to raise Rs 3,378 crore via rights issue
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Shares of agrochemicals manufacturer UPL are likely to remain in focus on Thursday announced plans to raise up to Rs 3,378 crore through a rights issue priced at Rs 360 per share. The funds will be raised through the issuance of 9.38 crore partly paid-up equity shares. The issue price of Rs 360 represents a discount of about 34% to UPL's closing price of Rs 546.85 on November 19 on the BSE. The company stated that the rights issue offers eligible shareholders one share for every eight fully paid-up shares held as of the record date, November 26. The issue price includes a face value of Rs 2 and a premium of Rs 358, payable in installments—Rs 90 on application and Rs 270 in subsequent calls, according to the company’s filing. Also read: Honasa Consumer shares crack 34% in just 2 days. Is the glow fading away? The subscription period begins on December 5 and ends on December 17, with an on-market renunciation window from December 5 to D...