Davangere Sugar Allots 26.59 Cr Shares on FCCB Conversion

Davangere Sugar Company Ltd has approved the allotment of 26,59,05,000 fully paid-up equity shares of face value INR 1/- each at a conversion price of INR 3.60/- per share. This allotment is a consequence of the conversion of 100 Unsecured Foreign Currency Convertible Bonds (FCCBs) with a principal value of USD 10,000,000. The conversion was based on notices received from FCCB holders M/s. Wave Capital Limited, M/s Emerging Market Opportunities Ltd, and M/s Global Focus Fund. Following this conversion, the company's paid-up equity share capital has increased to INR 169,58,95,798. Additionally, 900 FCCBs remain outstanding post-conversion.