Advanta gains 11% on merger with UPL
Reacting to the development, the scrip surged 11.90 per cent to a high of Rs 532.85 on the BSE. The shares of the transferor company (UPL) also gained by 3 per cent in trade.
By ET Online | Updated:
NEW DELHI: Shares of Advanta surged over 11 per cent in Monday's trade after the board of United Phosphorous (UPL) approved the merger of Advanta with itself in a meeting held earlier in the day.
Reacting to the development, the scrip surged 11.90 per cent to a high of Rs 532.85 on the BSE. The shares of the transferor company (UPL) also gained by 3 per cent in trade.
Advanta shareholders are likely to get one UPL equity share and three preference shares in exchange of one Advanta share. Advanta GDR holders will get 106 GDRs of UPL for every 100 GDRs held.
Advanta owned 48.44 per cent equity holding in UPL before the merger, which will stand cancelled after the amalgamation, a release by the company said.
Reacting to the development, the scrip surged 11.90 per cent to a high of Rs 532.85 on the BSE. The shares of the transferor company (UPL) also gained by 3 per cent in trade.
Advanta shareholders are likely to get one UPL equity share and three preference shares in exchange of one Advanta share. Advanta GDR holders will get 106 GDRs of UPL for every 100 GDRs held.
Advanta owned 48.44 per cent equity holding in UPL before the merger, which will stand cancelled after the amalgamation, a release by the company said.
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