India's UPL rises on plans for rights issue, unit's stake sale

UPL

21/11/2024 08:36

** Shares of UPL  UPLL.NS  rise as much as 3% to 563.25
rupees
    ** Agrochemicals maker on Tuesday said Alpha Wave Global
will invest $350 mln for ~12.5% stake in unit Advanta
Enterprises
    ** Also, UPL on Wednesday said it plans to raise up to 33.78
bln rupees ($400 mln) via rights issue of 9.4 mln shares at 360
rupees/shr
    ** More than 7.2 mln shares change hands, 3.3x of 30-day avg
    ** Stock last up 2.8%, cutting YTD loss to 4.3%
 
 ($1 = 84.4420 Indian rupees)

 (Reporting by Ashish Chandra in Bengaluru)
 ((ashish.chandra@thomsonreuters.com (+91 7982114624))