Reserve Bank of India (RBI) has allowed UPL to raise its foreign investment limit up to 74% of paid-up capital. The company has passed resolutions at its Board of Directors’ level and a special resolution by the shareholders, agreeing for enhancing the limit for the purchase of its equity shares and convertible debentures by Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs).
RBI has further notified that the foreign shareholding by FIIs/RFPIs in UPL have gone below the revised threshold limit. Therefore, the restrictions placed on the purchase of shares of the above company are withdrawn with immediate effect.
UPL (formerly United Phosphorus) is global player of crop protection products has customer base in 123 countries. It has subsidiary offices in Argentina, Australia, Bangladesh, Brazil, China, Canada, Denmark, Indonesia, France, Hong Kong, Japan, Korea, Mauritius, Mexico, New Zealand, Russia, Spain, Taiwan, South Africa, USA, UK, Vietnam and Zambia.
