Davangere Sugar Company Allots Over 26 Crore Shares Following FCCB Conversion
On August 25, 2026, the Board of Directors of Davangere Sugar Company Limited approved the allotment of equity shares following the conversion of Unsecured Foreign Currency Convertible Bonds (FCCBs). The allotment was made based on Conversion Notices received from several FCCB holders.The Company approved the allotment of 26,59,05,000 fully paidup equity shares of face value INR 1/- each, at a conversion price of INR 3.60/- per equity share. This conversion involved a total of 100 FCCBs, each with a principal value of USD 1,00,000, aggregating to USD 10,000,000. The conversion was based on the exchange rate of INR 95.7258 per USD as of August 24, 2026.
The equity shares allotment was distributed among three non-resident entities:
| Name & Category of the Allottee | Number of FCCB | No. of Equity Shares |
|---|---|---|
| M/s. Wave Capital Limited - Non-resident entity | 40 | 10,63,62,000 |
| M/s Emerging Market Opportunities Ltd - Non-resident entity | 30 | 7,97,71,500 |
| M/s Global Focus Fund - Non-resident entity | 30 | 7,97,71,500 |
| Total | 100 | 26,59,05,000 |
Consequent to this conversion, the paid-up equity share capital of the Company increased to INR 169,58,95,798, which is divided into 169,58,95,798 fully paid-up equity shares of INR 1/- each.
The Company also noted that 900 FCCBs, each with a principal amount of USD 1,00,000, remain outstanding at Afrinex Exchange (AFRINEX Securities List, Republic of Mauritius) following the conversion.
DAVANGERE Stock Price Movement
As of 3:16 PM, shares of Davangere Sugar Company Limited are edging higher to ₹2.88, achieving a modest gain of 0.35% in current live trading. The stock traded within the day's narrow range, supported by heavy volume as it remains near its annual low after reaching a floor of ₹2.86 amid 8.26 million shares traded.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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