Agrochemicals major UPL (formerly United Phosphorus) has increased its stake in Brazilian firm UPL do Brasil to 73 per cent from the earlier 53 per cent.
UPL has acquired the stake through its step down wholly-owned subsidiary, following fresh issue of shares by UPL do Brasil, the company said in a statement.
The company, however, did not divulge the amount it paid for the additional 20 per cent stake. The balance 27 per cent is held by other existing shareholders, it added.
UPL do Brasil is into production, marketing, distribution and selling of crop protection products and specialties in the Brazilian agro-chemical market. It has a formulation plant in Brazil.
In 2011, UPL had acquired the 51 per cent stake in UPL do Brasil (then DVA Agro Brazil) for $150 million from Germany’s DVA Group and other shareholders. Prior to that, the company had acquired a 50 per cent stake in Sipcam Isagro Brazil.
Prior to the announcement, UPL shares closed up 0.5 per cent at Rs 182.45 on Tuesday, in a strong Mumbai market.
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Published on March 4, 2014
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