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The High Court of Gujarat has approved the merger of Advanta with its promoter UPL , the latter informed the exchanges on Thursday. UPL said the merger would come into effect after a copy of the order is filed with the Registrar of Companies at Ahmedabad. Shareholders of Advanta had approved the merger in April. As of December 31, nine promoters held 72.99 per cent stake in Advanta, of which 57.52 per cent was held by UPL. While UPL manufactures agrochemicals, industrial chemicals, chemical intermediaries and speciality chemicals in India, Advanta is an agricultural research and development company. Shares of UPL closed 2.5 per cent lower at ₹542.05 on the NSE, while those of Advanta ended 2.84 per cent lower at ₹563.85.
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