According to the sources, Advanta’s IPO bankers include BofA Securities, Morgan Stanley, and JM Financial. The corporation also intends to sell off roughly 10–12 percent of the subsidiary.
The report also stated that UPL is probably going to use the money from the Advanta Ent issuance to reduce its debt. Presumably, a $4 billion valuation is the goal.
Additionally, the company had planned a rights issue valued at over Rs 4,000 crore, and it stated in an exchange filing on March 26 that it was currently finalizing the required paperwork and compliances for the same.
Advanta Ent is owned 86.7 percent by UPL and 13.3 percent by private equity company KKR. In September 2023, KKR paid $300 million to purchase the shareholding.
On April 4, during late trading hours on the BSE, shares of UPL were trading 2.61 percent higher at Rs 489.40 apiece.
For the quarter ending in December 2023, UPL recorded a combined loss of Rs 1,217 crore (Q3FY24).
In the same quarter of the prior fiscal year, the company’s net profit was Rs 1,087 crores, according to the company
Its revenue from operations declined 27.72 per cent to Rs 9,887 crore in the quarter under review from Rs 13,679 crore a year ago.
