UPL to divest 49.98% stake in subsidiary ANSL to promoter group; stock ends ~4.5% higher

3 Mar 2022 , 04:24 PM

In its regulatory filing, UPL Ltd., the agro-chemical major, announced that the company intends to sell off 49.98% equity stake in its non-operational subsidiary Agri Net Solutions Ltd (ANSL) to promotor group entity Nerka Chemicals for Rs1.75 crore.

This deal is expected to be completed by March 31, 2022. ANSL’s turnover was NIL in the previous financial year, while its net worth stood at Rs3.42 crore as of March 31, 2021, being 0.01% of the consolidated net worth of UPL.

UPL ended on a higher noter today at Rs720.35, up by Rs30.80 or 4.47% against its previous closing price of Rs689.55 on NSE. It touched the day’s high and low of Rs724.60 and Rs688.95 respectively.