Company news: UPL Corporation

| Updated on July 24, 2019 Published on July 24, 2019

UPL Corporation, the international arm of UPL Ltd, has arranged financing of €100 million (about ₹770 crore) to meet working capital requirements across the group. The short tenor loan carries zero running coupon and is the first such financing raised by the group. The facility is proposed to be arranged by Cooperatieve Rabobank UA, the leading Dutch food and agri-focused bank. The transaction is subject to customary conditions, including the execution of necessary documentation and receipt of required approvals and is expected to be completed by August-September, the company said. Earlier, UPL Corp had raised $3 billion, a 5-year unsecured term-loan with bullet repayment at the end of the tenure at the rate of LIBOR +160 bps per annum, to part-finance the acquisition of Arysta Lifescience Inc. The stock of UPL slumped 4.34 per cent at ₹617.50.

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Published on July 24, 2019
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