UPL Limited informed the exchanges today that the comany, in light of the strong performance in the first half and business prospects of the second half driven by favorable agronomic conditions and strong agri-commodity prices, the group decided to redeem the Notes early, from the cash in hand and de-leverage the Balance Sheet.
The stock is trading higher by 2% today.
Accordingly, UPL Corporation Limited (the Issuer), a subsidiary of the Company, has issued notice to redeem U.S.$ 410MM aggregate principal amount outstanding of its U.S.$ 500MM 3.25% Senior Notes due in October 2021 (the “Notes”). The Notes will be redeemed on December 28, 2020 (the “Redemption Date”) from its cash on hand. The redemption price will be determined on the third business day preceding the Redemption Date.
The stock is trading higher in Wednesday morning trade. UPL Ltd is currently trading at Rs443.35 up by Rs10.35 or 2.39% from its previous closing of Rs433 on the BSE. The scrip opened at Rs444.45 and has touched a high and low of Rs446.85 and Rs440.40 respectively.
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