Agro-chemicals major UPL Ltd said it will sell 49.98 per cent equity in its non-operational subsidiary firm Agri Net Solutions Ltd (ANSL) to promotor group entity Nerka Chemicals for Rs 17.5 million.
UPL, in a regulatory filing, said it will offload the stake for a consideration of Rs 17.5 million and the deal is expected to be completed by March 31 this year.
The shares will be bought by Nerka Chemicals Pvt Ltd, a promoter group company. The balance shareholding in ANSL is held by the promoters, it added.
The turnover of ANSL was nil in the previous financial year. Its net worth was Rs 34.2 million as of March 31, 2021, which is 0.01 per cent of the consolidated net worth of UPL Ltd.