UPL Limited has informed the Exchange regarding 'Notice of Redemption in relation to USD 400 Million Perpetual Subordinated Capital Securities issued by UPL Corporation Limited, Mauritius, a wholly owned subsidiary.'.
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UPL Limited's wholly owned subsidiary, UPL Corporation Limited (Mauritius), has decided to redeem all of its USD 400 Million Perpetual Subordinated Capital Securities (Bonds) on 26th May 2025. These bonds were originally placed in February 2020 and are listed on the Singapore Stock Exchange. The redemption will be done at the principal amount along with any accrued interest up to the redemption date. UPL Corp is exercising its call option under the bond terms, which became available from 27 February 2025. The payment will be processed through the standard Euroclear and Clearstream clearing systems.
This is a positive development as it reduces UPL's perpetual debt obligations by USD 400 million, improving its capital structure and financial flexibility. However, it also involves a significant cash outflow, so investors should watch for any related financing arrangements or impact on cash reserves.