Davangere Sugar Approves $100M FCCB Issue

Davangere Sugar Company Ltd's Board of Directors has approved the issuance of Unsecured Foreign Currency Convertible Bonds (FCCBs) totaling USD 100 million. The bonds will have a coupon rate of 2% per annum, be issued at a 15% discount (aggregate issue price of US$85 million), and mature on July 9, 2031. The issue is set to open on July 6, 2026, subject to obtaining an ISIN from Afrinex Stock Exchange. The 'Relevant Date' for the FCCB issue is set as July 3, 2026, with a regulatory floor price of INR 3.60 per equity share. The conversion of FCCBs will result in the issuance of approximately 2,645,577,778 equity shares.