breaking news The promoter’s stake in Upl is now at its highest for 18 years
Apart from the open market purchase, UPL promoters also acquired 15.5 lakh of Global Certificates of Deposit (GDR) on March 21-22, 2023.
UPL promoters have further increased their stake in the company, bringing the total stake to over 32% in March 2023. This figure is the highest since September 2005.
The promoters have increased their stake in UPL by 3.5% over the past six months. This quarter saw participation increase by 2%, while the full fiscal year 2023 saw participation increase by 4%.
Based on data available in the “insider trading” section of the exchanges, the promoters bought 37 lakh shares of UPL on February 14 and 23.23 lakh shares on March 27. The average purchase price of these shares was Rs 730 each. That’s almost 14% below the stock’s 52-week high of Rs 848 in May 2022.
Apart from the purchase in the open market, the promoters of UPL also acquired 15.5 lakh of Global Certificates of Deposit (GDR) on March 21-22, 2023. This equates to an additional 31 lakh shares purchased.
After the purchase of the GDRs, the promoters of the company held 32.13% of the capital. With another 23 lakh shares purchased, the stake increased to 32.45%.
UPL shares have been limited over the past three months. Year-to-date, the stock is down 1%, compared to a 6% decline in the Nifty 50.
On the debt front, it has seen a sequential decline with net debt in December 2022 at $3,328 million from $3,500 million in September 2022.
Shares of UPL are trading up 0.6% at Rs 704.8.
(Edited by : Hormaz Fatakia)