UPL share price slips as Advanta IPO papers hit SEBI: what the filing reveals
UPL Ltd announced that its seed arm, Advanta Enterprises, submitted a draft red herring prospectus to the Securities and Exchange Board of India on Jan. 19. The IPO, planned as an offer for sale, could see up to 36,105,578 shares hit the market, with UPL intending to offload as many as 28,107,578. NSE filing The filing kicks off SEBI’s review and sets Advanta on course for a formal listing on Indian exchanges. For UPL, it offers a chance to offload part of its stake and establish a clearer market value for the business tucked inside its larger agrochemicals portfolio.