As a matter of Corporate Governance, this is to inform you that UPL Limited ('UPL') and Sinagro Group, a Brazilian group in the state of Mato Grosso, comprising of (i) Sinagro Produtos Agropecuários S.A. and (ii) 3SB Produtos Agricolas S.A. has completed a transaction in which UPL through its step down wholly owned subidiary has subscribed further shares in the Sinagro Group, along with other investors, resulting in dilution of UPL's exisitng shareholding of 49% to 45% (Transaction).
Sinagro Group is based out of Primavera de Leste in the state of Mato Grosso, is one of the leading distributors of farm inputs in the Cerrado region of Brazil and is also in the business of agricultural production and trading of grains. Brazil has the largest Soybean agrochemical market in the world and state of Mato Grosso is the leading Soybean producing state in Brazil.
We believe the additional funding of the Sinagro Group by UPL through its step down wholly owned subsidiary and other investors through this Transaction will lead to improvement of the business activities carried out by the Sinagro Group.
Shares of UPL Limited was last trading in BSE at Rs.720.75 as compared to the previous close of Rs. 721.5. The total number of shares traded during the day was 65661 in over 1519 trades.
The stock hit an intraday high of Rs. 733.65 and intraday low of 714.15. The net turnover during the day was Rs. 47687239.