UPL Becomes First Indian Company to Secure Secondary GDR Listing on NSE International Exchange
17 February 2026, Mumbai: UPL Limited has become the first Indian company to complete the secondary listing of its existing Global Depository Receipts (GDRs) on NSE International Exchange (NSE IX). The move marks a significant milestone in the evolution of India’s international financial architecture and strengthens the global accessibility of agri-focused enterprises.
The GDRs were formally listed and admitted to trading on January 30, 2026, with NSE IX — located at GIFT IFSC (Gujarat International Finance Tec-City – International Financial Services Centre) — recognised as a permissible jurisdiction under SEBI regulations. To commemorate the development, NSE IX hosted a ceremonial bell-ringing event at NSE Exchange Plaza in Mumbai, signalling a new phase in integrating Indian corporates with international capital markets.
UPL’s GDR programme continues to maintain its primary listing on Singapore Exchange (SGX) and is also admitted to trading on the International Order Book of the London Stock Exchange. The addition of NSE IX as a secondary listing venue is expected to enhance trading flexibility, deepen liquidity avenues, and widen participation from global investors seeking exposure to the agriculture inputs and sustainability space.
Jai Shroff, Chairman and Group CEO of UPL Limited, described the listing as a strategic step aligned with the company’s global ambitions. He noted that NSE IX has played an important role in internationalising India’s capital markets and positioning the country as an emerging global financial destination. According to him, the secondary listing reflects UPL’s commitment to providing diversified investment access to international stakeholders while maintaining strong regulatory governance. He added that the development strengthens liquidity options for GDR holders and reinforces UPL’s identity as a truly global agricultural solutions provider.
Group CFO Bikash Prasad emphasised that the milestone reflects disciplined financial management and a long-term capital strategy. He said the company’s presence on NSE IX expands market access for investors while supporting sustainable value creation, an increasingly important consideration for global capital allocating funds to agriculture and climate-aligned businesses.
V. Balasubramaniam, Managing Director and CEO of NSE IX, welcomed UPL as the first issuer to list GDRs at GIFT IFSC, calling the structure a potential template for other Indian corporates exploring international fund-raising routes. He highlighted that such listings improve trading efficiency for global investors while underscoring GIFT IFSC’s growing credibility as an international financial centre connecting global capital with Indian and multinational enterprises.
For the agriculture sector, the development carries broader significance. As agribusiness companies increasingly operate across geographies, access to diversified capital pools is becoming critical to fund innovation in crop protection, biologicals, climate-resilient technologies, and supply-chain transformation.
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