"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. MJH BALBAL