Please find attached letter dated 12th May 2025
Awaiting price reaction for this filing.
UPL Limited has submitted the Monitoring Agency Report from CARE Ratings for the quarter ended March 31, 2025, covering the use of its Rs. 3,377.74 crore Rights Issue (held December 5-17, 2024). Out of Rs. 1,668.37 crore received in the allotment account, Rs. 1,653.24 crore has been utilised so far, with only Rs. 15.65 crore remaining unutilised. The bulk of the funds (Rs. 1,473.01 crore) went towards prepaying/repaying borrowings of UPL Limited (Rs. 1,324.01 crore) and UPL Sustainable Agri Solutions (Rs. 149 crore). Another Rs. 163.58 crore was used for general corporate purposes (Rs. 136.58 crore for vendor payments and Rs. 27 crore for advance tax), while Rs. 16.65 crore covered issue expenses. CARE Ratings confirmed there is no deviation or material variance from the stated objects, and the project timeline (completion by FY27) is on track with no delays reported.
This is a routine compliance filing confirming UPL is deploying Rights Issue funds exactly as promised, mainly to reduce debt. Investors can view this positively as it signals disciplined capital allocation and progress on the company's deleveraging plan, with no red flags on misuse of funds.