UPL Limited’s board on February 20, 2026 approved a composite scheme of arrangement to reorganize the group and create two listed companies: the existing listed UPL Limited as a diversified agro and specialty chemicals platform, and a new listed pure-play crop protection company, UPL Global Sustainable Agri Solutions Limited (UPL 2). The scheme includes (i) amalgamation of UPL Sustainable Agri Solutions Limited (UPL SAS) into UPL (Merger 1), (ii) demerger of UPL’s India crop protection business into UPL 2, and (iii) amalgamation of UPL Crop Protection Holdings Limited, Cayman Islands (UPL Cayman) into UPL 2 (Merger 2), with UPL 2 to be listed on Indian stock exchanges. The board also approved the share exchange/entitlement ratios with no cash consideration (Merger 1: 1,000 UPL shares for every 48 UPL SAS shares; Demerger: 1 UPL 2 share for every 1 UPL share; Merger 2: 1,000 UPL 2 shares for every 213 UPL Cayman shares), noted the appointed dates (Merger 1: April 1, 2026; demerger and Merger 2: effective date), and took on record related agreements and governance actions including a shareholders’ agreement granting Upswing Trust a right to nominate one non-executive director to UPL 2 post-listing (subject to shareholder approval) and a voluntary 18-month promoter lock-in in UPL 2 from the listing date.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. UPL Limited published the original content used to generate this news brief via Singapore Exchange Limited (SGX) (Ref. ID: SR8JUBHB37LT1BHF) on February 20, 2026, and is solely responsible for the information contained therein.