UPL shareholding: LIC sells 1.03 crore shares in 2026

What the latest SAST disclosure says

UPL Limited’s shareholding disclosures filed under Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (SAST) show a fresh change reported by Life Insurance Corporation of India (LIC). The data provided indicates LIC disclosed a disposal of 10,319,982 shares in UPL, reported to the exchange on January 2, 2026. The same disclosure set also lists LIC’s shareholding figure at 43,916,788 shares, shown as 5.20%.

Regulation 29(2) disclosures are triggered when an acquirer or holder crosses specified thresholds, or when there is a change beyond specified limits. For investors tracking institutional flows, these filings often provide a clearer picture of who is increasing or reducing exposure, and by how much, especially when the disclosures are tied to percentage holding.

Snapshot: LIC’s disclosed disposal in UPL

The provided dataset summarises LIC’s disclosure as an “Other” category transaction with “Disposal” mentioned, along with the key quantities. It also carries a figure of 2.02%, shown alongside the post-transaction holding percentage of 5.20%. The text does not provide more detail on the calculation base beyond the figures shown.

While SAST filings are not price-based disclosures, they are widely followed because they quantify the number of shares involved, which can be compared against a company’s public float and institutional ownership patterns.

Other Regulation 29(2) filings listed in the data

Alongside LIC’s disclosure, the dataset also lists other Regulation 29(2) entries related to UPL, including:

• ICICI Prudential Mutual Fund, with a period mentioned as 12-DEC-2024 to 22-JUL-2025 and a figure of 14,383,557 (as presented in the data), with “reported to the exchange” timestamp of 24-Jul-2025 11:59.
• Nerka Chemicals Private Ltd, with a date range shown as 26-AUG-2025 to 26-AUG-2025 and a quantity shown as 980,000, reported on 28-Aug-2025 17:40.
• Uniphos Enterprises Ltd, also dated 26-AUG-2025 to 26-AUG-2025, with 980,000 shown, reported on 28-Aug-2025 17:39.

The dataset presents these rows in a tabular form with share counts and an associated post-transaction holding number for each entity. Where the direction (acquisition or disposal) is not explicitly stated in the row text, the numbers are presented here as they appear.

Promoter disclosure: Jaidev Shroff’s GDR-linked acquisition

The document also contains a detailed disclosure letter addressed to BSE and NSE under Regulation 29(2) for UPL Limited, made by Jaidev Rajnikant Shroff, identified in the text as a promoter and director.

According to the letter, Jaidev Shroff bought 3,98,500 Global Depository Receipts (GDRs) equivalent to 7,97,000 equity shares of UPL on 30-12-2020. The filing states this represented 0.10% of the company’s total share capital. Post acquisition, the filing states his individual shareholding became 88,97,163 equity shares, representing 1.16% of the total share capital (with calculations referenced to SCRR, 1957).

The disclosure states the mode of acquisition as off-market. It also notes the relationship between the securities: 1 GDR represents 2 equity shares of the company.

Listed venues and the company identifiers mentioned

The same disclosure format lists the stock exchanges where UPL’s shares are traded, stating that equity shares are listed on BSE Limited and the National Stock Exchange of India Limited, and that GDRs are listed on the Singapore Stock Exchange.

The document also includes UPL’s trading identifiers as:

• BSE scrip: 512070
• NSE symbol: UPL
• ISIN: INE628A01036

These details matter for investors and compliance watchers because SAST disclosures often span multiple listed instruments, including depository receipts, and can be filed to multiple exchanges.

Table: Key figures cited in the provided disclosures

Business Responsibility and Sustainability Report filing also referenced

Separately, the provided text references UPL’s submission of its Business Responsibility and Sustainability Report (BRSR) for FY 2023-24, stated as being submitted in line with Regulation 34 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The excerpt includes UPL’s registered office address in Vapi, Gujarat, and corporate address in Khar (West), Mumbai, along with an investor email (upl.investors@upl-ltd.com) and a phone number (+91 22 68568000).

This BRSR reference is not a SAST transaction, but it appears alongside the disclosure material and provides additional context on the company’s statutory reporting.

Why these filings matter to investors

SAST disclosures provide a structured view of changes in significant shareholdings, including those by institutions and promoter-linked entities. For a widely held listed company like UPL, a disclosed disposal by a large institution such as LIC is typically watched for its effect on ownership concentration and for any signals it may provide about portfolio rebalancing.

At the same time, promoter disclosures involving instruments like GDRs help clarify how overseas-listed receipts translate into underlying equity exposure. The Jaidev Shroff filing is explicit about the GDR-to-equity equivalence and the percentage of total share capital, which are central to interpreting such transactions.

Conclusion

The latest set of Regulation 29(2) SAST disclosures for UPL includes a reported disposal by LIC of 10,319,982 shares with a holding shown at 43,916,788 shares (5.20%), along with other listed filings and a promoter’s off-market GDR-linked acquisition disclosure. Investors tracking UPL’s ownership changes will typically monitor subsequent exchange filings for any further changes reported by large holders under the same SAST framework.