UPL plans to raise up to Rs 3,378 crore via rights issue

Agrochemicals manufacturer UPL announced plans to raise up to Rs 3,378 crore through a rights issue priced at Rs 360 per share, according to its filing with stock exchanges on November 20. The funds will be raised by issuing 9.38 crore partly paid-up equity shares. The issue price represents a 34% discount to UPLs closing price of Rs 546.85 on November 19.