By: ICN Bureau
Last updated : February 17, 2026 9:17 pm
By adding the NSE International Exchange (NSEIX) as a secondary venue, the program offers investors greater trading flexibility and expanded market access
UPL Limited, a global leader in sustainable agriculture solutions, has made history by becoming the first Indian issuer to complete a secondary listing of its existing Global Depository Receipts (GDRs) on the NSE International Exchange (NSEIX). The GDRs were formally admitted to trading on the exchange, located in GIFT IFSC, effective January 30, 2026.
To mark this milestone, NSEIX hosted a bell-ringing ceremony for UPL at the NSE Exchange Plaza in Mumbai today. The event celebrated the listing of UPL’s Global Depositary Receipts (GDRs) on NSEIX at GIFT IFSC, representing a major step forward for India’s growing international financial services landscape.
Currently, the GDR program is primarily listed on the Singapore Stock Exchange (SGX) and traded on the London Stock Exchange's (LSE) International Order Book. By adding the NSE International Exchange (NSEIX) as a secondary venue, the program offers investors greater trading flexibility and expanded market access.
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.”
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.”
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.”