UPL Limited, a producer of crop protection products, intermediates, specialty chemicals and other industrial chemicals, announced it has acquired additional 11.67% equity shares in Weather Risk Management Services Private Limited for Rs 1.18 crores.
Weather Risk Management Services Private Limited (WRMS) was incorporated in 2004 in India. It is a deep tech Company focusing on agriculture and climate risk management. The Company develops risk management solutions that secure farmers and businesses in the ag ecosystem. Services provided include farm management, traceability, agri advisory to farmers, digital input marketplace, output linkage, climate input, farm IoT and farm level risk management.
According to the company’s exchange filing, “we hereby inform that UPL Limited (the Company) will be investing Rs. 1.18 crores (Rupees One Crore Eighteen Lakhs) for 11.67% Equity Shares of Weather Risk Management Services Private Limited (“WRMS”) (post dilution of existing shares). WRMS is an associate of the Company with an existing investment of 32.1%.”
The Company currently holds 32.1% of paid-up equity share capital in WRMS. Post acquisition, UPL’s share in WRMS will be 40% (post dilution of existing shares) i.e. by acquiring additional 11.7% shares for a consideration of Rs.1.18 crore as per the right under the existing agreements, according to the statement.
UPL Ltd had invested in June 2016, as an early-stage investor to support WRMS’s growth and also capitalise on potential strategic benefits to UPL.
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