Please find enclosed letter dated May 11, 2026

UPL · price

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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.

Price reaction · full curve 14 horizons · vs prior close

-2.7%1-day move

₹644.50

prior close

₹677.10

base price

In-mkt

timing

5m10m15m30m1D2D3D4D5D7D15D1M2M3M

-0.6-0.9-1.4-1.3-2.7-1.8-1.1-1.9-0.7-1.2-0.2-7.7-8.3—

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AI summary

CARE Ratings Limited has submitted the final Monitoring Agency Report for UPL Limited's Rights Issue of ₹3,377.74 crore (issue period: December 5-17, 2024). The report confirms that all proceeds have been fully utilized with zero deviation from the disclosed objects. Of the total, ₹3,003.9 crore was used for prepayment and repayment of borrowings, ₹341.9 crore for general corporate purposes (working capital/vendor payments), and ₹23.1 crore for issue-related expenses. The company also forfeited 2,64,278 partly paid-up equity shares in February 2026 due to non-payment of call money, with forfeiture amount totaling ₹8.8 crore. No delays were observed in implementation of any objects.

Likely market impact

This is a positive regulatory confirmation showing the company has transparently deployed rights issue proceeds as promised. No material deviation means shareholders' funds were used appropriately, which should support investor confidence in management execution.