Please find enclosed letter dated 15th May, 2025
Awaiting price reaction for this filing.
UPL Corporation Limited, Mauritius (a wholly owned subsidiary of UPL Limited) has decided to redeem its USD 400 million perpetual subordinated capital securities in full on 26 May 2025. These bonds were originally placed in February 2020 and are listed on the Singapore Stock Exchange. The redemption price will be the principal amount plus any accrued interest up to the redemption date, including any arrears of interest. UPL Corp is exercising its option under the bond terms to call back all of the securities.
This voluntary redemption of USD 400M in perpetual securities signals that UPL Corp is choosing to retire a layer of subordinated capital, which could reduce future interest outflows and simplify the group's capital structure. Shareholders may view this as a positive deleveraging move, though the source of funds for the redemption (cash reserves, new borrowing, or refinancing) will determine the actual financial impact.