Agrochemicals manufacturer UPL has completed the pre-payment of USD 410 million of 3.25 per cent senior notes due in October 2021.
The pre-payment, which concluded on December 28 was done using the cash on its balance sheet. “This pre-payment is in line with its commitment to reduce debt,” the company said in a statement. “UPL is committed to deleveraging its balance sheet at the back of strong business prospects and agriculture commodity prices, and favourable agronomic conditions.”
UPL, earlier known as United Phosphorus Ltd, is an Indian multinational company that manufactures and markets agrochemicals, industrial chemicals, chemical intermediates and speciality chemicals besides offering crop protection solutions.
At 12 noon, the company’s stock was trading 3.2 per cent higher at Rs 469.30 on NSE India.