Agro-chemical firm UPL Ltd on Saturday said its Mauritian subsidiary has raised USD 400 million (around Rs 2,840 crore) by issuing bonds, and the amount will be used to retire existing debt.
"UPL Corporation Ltd, Mauritius, the subsidiary of the company, successfully completed issuance of USD denominated perpetual subordinated capital securities (bonds) of USD 400 million at interest coupon rate of 5.25 per cent per annum," the company said in a regulatory filing.
The proceeds would be used to repay the existing debt of UPL Corporation, it added.
UPL is engaged in research, manufacturing, marketing, sales and distribution of agrochemicals and speciality chemicals across the world.