The proposed reorganisation will involve a capital reduction following which the Company will be a wholly-owned subsidiary of UPL Limited.
The rationales of the proposed reorganization are to:
- create distinct pure-play platforms to unleash growth potential of each independent platform led by specialized talent and combined with efficient deployment of resources;
- unlock value by facilitating fair value recognition of the platforms, each having varying growth prospects, profitability and capital intensity;
- enable efficient capital allocation for accelerated growth; and
- simplify the Issuer’s group structure by aligning operating business segments.
UPL Corporation Limited manufactures and markets crop protection and specialty chemicals worldwide. It offers a range of product portfolio of crop protection chemicals, such as fungicides, herbicides, insecticides, and other related products. UPL Corporation Limited is a subsidiary of UPL Limited which, together with its subsidiaries, manufactures and markets agrochemicals, industrial chemicals, chemical intermediates and specialty chemicals in India, Europe, North America, Latin America, and internationally and is headquartered in Mumbai, India.
Appleby advised the Company on the Mauritius law aspects of the transaction alongside Linklaters Singapore Pte. Ltd who were counsel to J.P. Morgan Securities plc and MUFG Securities EMEA plc (the Co-Solicitation Agents) as to English and New York law and Clifford Chance who were counsel to Citicorp International Limited (the Trustee) as to English and New York law.