Davangere Sugar gets in-principle approval for warrant issue

Davangere Sugar Company Ltd has received in-principle approval from BSE and NSE for the issuance of 10,64,11,079 convertible equity warrants to promoters. Each warrant is convertible into one equity share of face value Re. 1/- at an issue price of Rs. 3.77 per warrant. The company has been advised by the exchanges to strengthen internal controls and obtain undertakings from allottees to prevent non-compliance with SEBI regulations, particularly regarding intra-day trading and sales before the allotment date. The approval is in-principle and does not guarantee listing of the securities.