The rights issue is subject to receipt of statutory/regulatory approvals, as may be required under applicable law.
“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,” UPL stated in the press release.
UPL is principally engaged in the agro business of production and sale of agrochemicals, field crops, vegetable seeds and non agro business of production and sale of industrial chemicals, chemical intermediates, speciality chemicals.
The company had reported consolidated net loss of Rs 189 crore in Q2 FY24 as against net profit of Rs 814 crore recorded in Q2 FY23. However, revenue from operations declined 18.69% YoY to Rs 10,170 crore in the quarter ended 30 September 2023.