Board Meeting3 Jul 2026, 09:20 pm
Davangere Sugar Approves $100M FCCB Issue
AI Summary
Davangere Sugar Company Ltd's Board of Directors has approved the issuance of Unsecured Foreign Currency Convertible Bonds (FCCBs) amounting to USD 100 Million. The bonds will have a coupon of 2% per annum, be issued at a 15% discount, and mature on July 9, 2031. The issue is set to open on July 6, 2026, pending ISIN from Afrinex Stock Exchange. The conversion price is set at INR 3.60 per equity share, potentially leading to the issuance of approximately 2,645,577,778 equity shares upon full conversion. This move aims to raise significant capital for the company.
Key Highlights
- Board approves issuance of USD 100 Million in FCCBs.
- Bonds carry a 2% coupon, mature in 5 years, issued at a discount.
- Issue opens July 6, 2026, subject to regulatory approvals.
- Potential conversion could result in over 2.64 billion new equity shares.
- This is a significant fundraising initiative for the company.
Price Impact
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