Davangere Sugar Company Successfully Closes FCCB Issue, Raising USD 85 Million
Davangere Sugar Company Limited announced the complete subscription and closing of its Foreign Currency Convertible Bond (FCCB) issue on July 8, 2026. The offering concluded with the company successfully raising USD 85 million.The board meeting outcome, held on July 3, 2026, detailed the opening of the FCCB issue, which had a maximum intended size of USD 100 million (equivalent to not exceeding INR 952,40,80,000). The bonds were structured with a 2% coupon rate.
The offering involved the issuance of 1,000 unsecured Foreign Currency Convertible Bonds at a 15% discount of the issue price.
The financial details of the concluded FCCB transaction are summarized below:
| Metric | Detail |
|---|---|
| Offer Size (Maximum) | Up to USD 100 Million |
| Aggregated Amount Raised | USD 85 Million |
| Bond Coupon Rate | 2% |
| Number of Bonds Issued | 1,000 |
Davangere Sugar Company confirmed that the FCCB offering was fully subscribed in accordance with the Offering Circular and concluded operations at the close of business hours on July 8, 2026.
DAVANGERE Stock Price Movement
Shares of Davangere Sugar Company Limited slipped by 0.56% to settle at ₹3.56 today.The stock saw significant trading activity, with investors handling a total volume of 5.39 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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