Davangere Sugar Co

Davangere Sugar Company's board approved unsecured foreign currency convertible bonds aggregating USD 100 million, comprising 1,000 bonds of USD 100,000 each, bearing a coupon of 2% per annum and issued at a 15% discount to their principal amount. The bonds will mature on 9 July 2031 and are convertible into equity shares at a floor price of ₹3.60 per share, implying approximately 2,645 crore shares based on current exchange rates. The issue opens on 6 July 2026, with listing on the Afrinex Stock Exchange in Mauritius, and allotment is expected on 9 July 2026. The board fixed the relevant date for pricing as 3 July 2026 in accordance with FCCB guidelines, and the offer proceeds follow shareholder and stock-exchange approvals obtained earlier.

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Davangere Sugar Company's board on 3 July 2026 approved the detailed terms of its long-flagged USD 100 million foreign currency convertible bond issue, fixing a conversion price of INR 3.60 per equity share. The 1,000 bonds, each with a face value of USD 100,000, carry a 2% annual coupon and are being issued at a 15% discount to the principal amount, netting the company USD 85 million. Assuming the current rupee-dollar rate of 95.2408, the conversion price of INR 3.60 would yield roughly 264.55 crore new shares on full conversion — an extremely dilutive move for a company with a market capitalisation of just ₹512 crore. The bonds will have a five-year tenor, maturing on 9 July 2031, and will be listed on the AFRINEX exchange in Mauritius. The issue opens on 6 July 2026, subject to obtaining an ISIN.

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Davangere Sugar Company Ltd DAVA.NS:

• DAVANGERE SUGAR COMPANY - TO CONSIDER ISSUANCE OF UNSECURED FOREIGN CURRENCY CONVERTIBLE BONDS

Source text: ID:nBSE9bz9gL

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March 30 (Reuters) - Davangere Sugar Company Ltd DAVA.NS:

• APPROVES ADDITION TO EXISTING DISTILLERY PRODUCTION CAPACITY

• APPROVED RAISING OF FUNDS

• INVESTMENT REQUIRED FOR CAPACITY ADDITION IS 1.27 BILLION RUPEES

Source text: ID:nBSE6GvQlB

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July 25 (Reuters) - Davangere Sugar Company Ltd DAVA.NS:

• DAVANGERE SUGAR COMPANY LTD - APPROVES RIGHTS ISSUE OF 1.50 BILLION RUPEES

Source text: ID:nNSEbnvFpF

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July 21 (Reuters) - Davangere Sugar Company Ltd DAVA.NS:

• BOARD MEETING RESCHEDULED TO JULY 25, 2025

Source text: ID:nBSE3Xt9mw

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Sept 3 (Reuters) - Davangere Sugar Company Ltd DAVA.NS:

• DAVANGERE SUGAR COMPANY - TO CONSIDER ISSUE OF EQUITY SHARES

Source text for Eikon: ID:nBSEkQnbj

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April 19 (Reuters) - Davangere Sugar Company Ltd DAVA.NS:

• APPROVAL OF SUB-DIVISION OF EQUITY SHARES

• APPROVAL OF SUB-DIVISION OF SHARES IN RATIO 1:10

Source text for Eikon: ID:nBSE5BWbwV

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April 1 (Reuters) - Davangere Sugar Company Ltd DAVA.NS:

• TO CONSIDER SUB- DIVISION OF EQUITY SHARES

Source text for Eikon: ID:nBSE5KB2pJ

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Feb 14 (Reuters) - Davangere Sugar Company Ltd DAVA.NS:

• DAVANGERE SUGAR COMPANY - APPROVED COMMISSIONING OF CO2 PLANT

Source text for Eikon: ID:nBSE3C6JQL

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