 "Advanta gains as board approves merger with UPL")
Advanta is trading higher by 4% at Rs 494 on the BSE, after the company said its board has approved the proposal for the amalgamation of the company with UPL, subject to regulatory approval.
Advanta shareholders will get one equity share and three preference shares of UPL for every share held in the company on the record date.
“Merger will enhance presence across agri-inputs value chain, increase geographical reach, enhance market penetration and annual cost savings of Rs 90 crore envisaged”, agrochemicals company UPL said in a release.
"Advanta benefits from the strong global distribution network of UPL and will be able to fast track its growth plans on the back of strong balance sheet of the combined entity," it added.
Shares of Advanta surged 12% to Rs 533 on the BSE in intra-day trade after the merger announcement. Nearly 550,744 shares changed hands on the counter on the BSE and NSE.
On the other habd, UPL is trading down 1% at Rs 455, after hitting a high of Rs 472 on the BSE in intra-day trade. A combined 1.86 million shares changed hands on the counter on both the exchanges.
Advanta shareholders will get one equity share and three preference shares of UPL for every share held in the company on the record date.
“Merger will enhance presence across agri-inputs value chain, increase geographical reach, enhance market penetration and annual cost savings of Rs 90 crore envisaged”, agrochemicals company UPL said in a release.
"Advanta benefits from the strong global distribution network of UPL and will be able to fast track its growth plans on the back of strong balance sheet of the combined entity," it added.
Shares of Advanta surged 12% to Rs 533 on the BSE in intra-day trade after the merger announcement. Nearly 550,744 shares changed hands on the counter on the BSE and NSE.
On the other habd, UPL is trading down 1% at Rs 455, after hitting a high of Rs 472 on the BSE in intra-day trade. A combined 1.86 million shares changed hands on the counter on both the exchanges.