The board of agro chemicals company UPL (NSE:UPL, BOM:512070) has received board approval to raise up to 42 billion Indian rupees through the issue of equity shares through rights issue, according to a filing to the stock exchanges on Wednesday.

The company will issue one rights equity share for every eight fully paid-up equity share of the company held by the eligible equity shareholders.

The rights issue is scheduled to open on Dec. 5 and close on Dec. 17.

Shares of the company were up nearly 2% in recent trade.

Price (INR): ₹545.50, Change: ₹+8.6, Percent Change: +1.60%