Davangere Sugar Company Secures In-Principle Approval for FCCBs and Incorporates UK Subsidiary
Davangere Sugar Company Limited announced significant strategic corporate updates, including securing in-principle approval for the issuance of Foreign Currency Convertible Bonds (FCCBs) and successfully incorporating a wholly-owned subsidiary in London, United Kingdom.The company received formal approvals from both BSE Limited and National Stock Exchange of India Limited for the proposed issue of FCCBs. These bonds are intended to raise an aggregate amount not exceeding USD 100 Million or its equivalent. Both exchanges granted the approval on June 10, 2026. The significance of this funding acquisition relates to activities such as procurement of capital equipment and technology, strategic partnership development, and related refinery or port storage capital expenditure.
International Expansion through New UK Entity
In line with its global expansion strategy, Davangere Sugar Company Limited completed the incorporation and opening of a new 100% wholly-owned subsidiary in London. The entity is named AUREVANT GLOBAL LIMITED.AUREVANT GLOBAL LIMITED was incorporated on June 4, 2026, and will be dedicated to sugar cane products and associated business operations. The company plans the production of ethanol and sugar products within London, United Kingdom.
The financial structure for this wholly owned subsidiary includes a cash consideration and subscription price set at 1000 GBP. Davangere Sugar Company Limited holds 100% control over AUREVANT GLOBAL LIMITED.
Key details regarding the in-principle approval for FCCBs and the new UK subsidiary are summarized below:
FCCB In-Principle Approval Details
| Approving Authority | Details of Approval | Date of Receipt of Approval |
|---|---|---|
| BSE Limited and NSE Limited | In-principle approval for issue and allotment of equity shares towards the proposed issue of FCCBs for an aggregate amount not exceeding USD 100 Million or its equivalent. | June 10, 2026 |
AUREVANT GLOBAL LIMITED Details
| Detail | Description |
|---|---|
| Entity Name and Incorporation Date | AUREVANT GLOBAL LIMITED, Incorporated on June 4, 2026 in London, United Kingdom. |
| Holding Company & Relation | Davangere Sugar Company Limited, as a wholly owned subsidiary of the listed company. |
| Industry Focus | Sugar cane products and sugar by-products. |
| Business Line | Production of ethanol and sugar products in London, United Kingdom. |
| Nature of Consideration / Cost | Cash Consideration of 1000 GBP; Subscription cost is 1000 GBP. |
DAVANGERE Stock Price Movement
Davangere Sugar Company Limited shares today settled at ₹3.59, trading flatly after closing with no change in value. The stock traded within a narrow intraday range, reaching a low of ₹3.57 amidst a total volume of 1.64 million shares.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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