Davangere Sugar Company Invests in Wholly Owned Subsidiary Aurevant Global Limited, Securing 100% Stake
Davangere Sugar Company Ltd has made an investment in its wholly owned foreign subsidiary, Aurevant Global Limited, UK. The transaction involves a cash consideration totaling USD 84,950,000 to acquire the necessary shares and complete the utilization of proceeds from Foreign Currency Convertible Bonds (FCCBs).The investment targets Aurevant Global Limited, which is engaged in the business of ethanol and sugar products within the United Kingdom. This acquisition aligns with the use of funds derived from the FCCBs as detailed in the offering circular dated July 03, 2026.
Through this transaction, Davangere Sugar Company Ltd will be allotted approximately 62,463,235 new Ordinary shares of GBP 1.00 each by Aurevant Global Limited. The investment signifies a complete acquisition of the company's shareholding and control.
Key details regarding the acquisition are summarized below:
| Particulars | Details |
|---|---|
| Target Entity | Aurevant Global Limited, UK |
| Investment Cost | USD 84,950,000 (equivalent to approximately GBP 62,463,235 at an applied exchange rate of 1.36 GBP per USD) |
| Shareholding Acquired | 100% |
| Shares Acquired | Approximately 62,463,235 new Ordinary shares |
| Nature of Consideration | Cash consideration |
Aurevant Global Limited is an existing wholly owned subsidiary and operates in the same line of business as Davangere Sugar Company Ltd. The company holds the investment not as a newly initiated acquisition but as a completion of the planned utilization of the FCCB proceeds. Aurevant Global Limited was incorporated on June 04, 2026, and is registered with the Registrar of Companies for England and Wales.
DAVANGERE Stock Price Movement
On Friday, shares of Davangere Sugar Company Limited edged higher to settle at ₹3.42, rallying by 3.95%. The stock traded vigorously in the closing session, with total volume reaching nearly 9.88 million shares amidst a trading range spanning from ₹3.24 to ₹3.49.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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