IndiaSphere

International Finance Corporation (IFC) has proposed to make an investment  upto $75 million in United Phosphorus Ltd (UPL). UPL, also listed on the NSE and BSE is involved in production of crop protection products, intermediates, specialty chemicals and other industrial chemicals. The company has recieved shareholders approval to increase the authorised share capital of the firm from Rs 300 crore to Rs 400 crore at its AGM on 18th September.
IFC has proposed financing of between $50-75 million, said a notice on its website. The funds will be used to help UPL meet its funding needs over the next two-three years, which includes potential acquisitions in emerging markets. Its expected fund requirements are $100 million. Some of the funds will also go to setting up of a new plant, from which will roll out new products. But the immediate use ... [Follow Original Article link for full content.]