FCCB approval up to USD 100M and new London subsidiary incorporated
DAVANGERE · price
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Davangere Sugar has received in-principle approval from BSE and NSE for issuing Foreign Currency Convertible Bonds (FCCBs) up to USD 100 Million, convertible into equity shares of Re. 1 each. Proceeds are earmarked for acquiring an integrated sugar mill or ethanol distillery, strategic stakes or joint ventures, capital equipment and technology, plus refinery or port storage spend. Separately, the company has set up a 100 percent wholly-owned subsidiary named Aurevant Global Limited in London, UK on June 4, 2026, to produce ethanol and sugar products globally.
Potential equity dilution when FCCBs convert to shares; global expansion via London subsidiary and acquisition plans could support future growth.