Shares of UPL, formerly known as United Phosphorus Limited, has moved higher by 3% to Rs 189 on the BSE, after the company said it has sell its entire 50% stake in the Brazilian agrochemical company Sipcam UPL.
“The company’s overseas subsidiary has entered into agreement with the Italian company Spicam S.p.A., to sell its entire stake of 50% in the Brazilian agrochemical company Sipcam UPL Brazil S.A,” UPL said in a statement.
The gross consideration amount of the transaction is $58.million (approximately Rs 351 crore), it added.
The company said, this disinvestment will release the funds to the company which will be available for new opportunities and meet growing business requirements.
It will also help UPL to have more focused approach for Brazilian agrochemical market which is one of the largest agrochemicals market in the world, it added.
The stock opened at Rs 186 and hit a high of Rs 191 on the NSE. A combined 717,343 shares changed hands on the counter so far on the NSE and BSE.
“The company’s overseas subsidiary has entered into agreement with the Italian company Spicam S.p.A., to sell its entire stake of 50% in the Brazilian agrochemical company Sipcam UPL Brazil S.A,” UPL said in a statement.
The gross consideration amount of the transaction is $58.million (approximately Rs 351 crore), it added.
The company said, this disinvestment will release the funds to the company which will be available for new opportunities and meet growing business requirements.
It will also help UPL to have more focused approach for Brazilian agrochemical market which is one of the largest agrochemicals market in the world, it added.
The stock opened at Rs 186 and hit a high of Rs 191 on the NSE. A combined 717,343 shares changed hands on the counter so far on the NSE and BSE.
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