UPL Limited Becomes First Indian Issuer to Complete Secondary Listing of GDRs on NSE International Exchange
New Delhi, Feb 17: UPL Limited, a global leader in sustainable agriculture solutions, announced that it has become the first Indian issuer to complete the secondary listing of its existing Global Depository Receipts (GDRs) programme on NSE International Exchange (NSEIX), which is a permissible jurisdiction under applicable SEBI Regulations. The GDRs were listed and admitted to trading effective January 30, 2026.
To mark this milestone, NSEIX hosted an official bell‑ringing ceremony for UPL today at NSE Exchange Plaza in Mumbai. The ceremony celebrated the listing of GDRs on NSEIX at GIFT IFSC (Gujarat International Finance Tech City – International Financial Service Centre), marking a significant milestone in India’s evolving international financial services ecosystem.
The present GDR programme is primarily listed on Singapore Stock Exchange Ltd (SGX) and also admitted to trading on the International Order Book (IOB), London Stock Exchange’s (LSE) electronic trading platform for GDRs. The addition of NSEIX as a secondary listing venue provides investors with enhanced trading flexibility and broader market access.
Mr. Jai Shroff, Chairman & Group CEO, UPL Limited, said,
“The contribution of NSE IX in internationalising India’s capital markets and positioning the country as a global financial destination has been truly commendable. Listing on NSE IX reflects UPL’s commitment to offering diverse investment opportunities to our global investor base while upholding the highest standards of regulatory compliance. This secondary listing enhances liquidity options for our GDR holders and reinforces UPL’s standing as a truly global agricultural solutions provider.”
Mr. Bikash Prasad, Group CFO, UPL Limited, added,
“UPL’s GDR listing on NSEIX marks a significant milestone and underscores our disciplined financial management and thoughtful capital strategy. By becoming the first company to list GDRs on this platform, we are expanding market access and flexibility for our global investors, while remaining firmly focused on sustainable, long‑term value creation.”
Mr. V. Balasubramaniam, MD CEO NSEIX, said,
“We welcome UPL as the first Global Depository Receipt (GDR) to list in GIFT IFSC and at NSEIX. This dual listing structure will be a trend setter as other companies could also adopt this path as it strengthens trading flexibility for investors of these GDR instruments and provide our global investor base with more efficient access to UPL GDRs. More importantly, it reflects the growing relevance of GIFT IFSC as an emerging international financial centre and a credible gateway to connect global clients to multiple instruments issued by Indian and foreign corporates.”