UPL Limited has filed its quarterly monitoring agency report for the period ended December 31, 2025, detailing the utilization of proceeds from its rights issue worth ₹3,377.74 crore. The report, submitted to BSE and NSE on February 2, 2026, confirms compliance with regulatory requirements under SEBI regulations.

Rights Issue Utilization Overview

The monitoring agency report, prepared by CARE Ratings Limited, reveals that UPL utilized ₹74.8 crore during Q3 FY26 from its rights issue proceeds. The funds were primarily deployed for working capital vendor payments as part of the company's general corporate purposes allocation.

Object-wise Fund Deployment

The rights issue proceeds were allocated across three primary objectives, with the majority earmarked for debt reduction. The company has made substantial progress in utilizing funds according to the original plan outlined in the offer document.

Debt Repayment Progress

The largest allocation of ₹3,008.8 crore was designated for prepayment and redemption of outstanding borrowings. As of December 31, 2025, the company had utilized ₹2,989.7 crore for this purpose, with no additional deployment during Q3 FY26. This represents near-complete utilization of the allocated amount for debt reduction.

General Corporate Purposes

Under the general corporate purposes category, UPL allocated ₹337.8 crore, of which ₹332.2 crore has been utilized cumulatively. During Q3 FY26, the company deployed ₹74.8 crore specifically for working capital vendor payments, demonstrating active use of funds for operational requirements.

Compliance and Monitoring

The monitoring agency confirmed no deviations from the disclosed objects of the issue, with all utilization proceeding as per the offer document. CARE Ratings Limited verified the deployment through chartered accountant certificates, bank statements, and management certifications from Vora & Associates.

Unutilized Funds Management

The remaining ₹13.3 crore of unutilized proceeds is maintained in designated accounts, including ₹8.1 crore in the allotment account and ₹5.2 crore in the partly paid-up rights share account. The monitoring agency noted no delays in implementation of the stated objects, with all activities progressing according to the FY27 completion timeline.

Regulatory Framework

The report was submitted in compliance with Regulation 32(6) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and Regulation 82(4) of SEBI (Issue of Capital and Disclosure Requirement) Regulations, 2018. The company confirmed that detailed information is available on its investor relations website for stakeholder reference.

UPL Limited has achieved a significant milestone by becoming the first issuer to complete the secondary listing of its existing Global Depository Receipts (GDRs) programme on NSE IX. The company announced that its GDRs will be listed and admitted to trading effective from January 30, 2026, marking a historic moment for the NSE IX platform.

Secondary Listing Details

The secondary listing has been approved under applicable SEBI Regulations, with NSE IX being recognized as a permissible jurisdiction for such listings. NSE IFSC Limited confirmed the listing through its communication dated January 29, 2026, following UPL's application submitted on September 10, 2025.

Existing Trading Platforms

UPL's GDR programme maintains its primary listing on Singapore Stock Exchange Ltd (SGX) and is also admitted to trading on the International Order Book (IOB), which is London Stock Exchange's electronic trading platform for GDRs. The addition of NSE IX as a secondary listing venue provides investors with enhanced trading flexibility and broader market access.

Regulatory Framework

The listing has been executed in pursuance of multiple regulatory frameworks:

• Byelaws (1) & (2) of Chapter III of Byelaws of NSE IFSC Ltd.
• Exchange circular Ref. No. NSEIFSC/REG/572 dated November 4, 2020
• International Financial Services Centres Authority (Listing) Regulations, 2024

Compliance Requirements

UPL Limited will be required to ensure ongoing compliances in accordance with the depository receipts framework, listing agreement, and International Financial Services Centres Authority (Listing) Regulations, 2024. The company has been advised to use the symbol "UPL" in all future correspondences with the exchange.

Market Significance

This development represents a significant step for NSE IX in attracting international listings and demonstrates UPL's commitment to providing diverse investment opportunities to global investors. The secondary listing enhances the liquidity potential for UPL's GDRs while maintaining compliance with international regulatory standards.