Key Developments

1. In-Principle Approval for Foreign Currency Convertible Bonds (FCCBs)

The company has received in-principle approval from both BSE Limited and the National Stock Exchange of India Limited (NSE) for the proposed issue of FCCBs.

  • BSE Approval: Reference No. LOD/FCCB/SS/FIP/355/2026-27 dated 10th June 2026.
  • NSE Approval: Reference No. NSE/LIST/55185 dated 10th June 2026.
  • Purpose: The approval is for the issue and allotment of equity shares upon conversion of the FCCBs.
  • Issue Size: An aggregate amount not exceeding USD 100 Million or its equivalent.
  • Regulatory Basis: The approval is granted under Regulation 28(1) of the SEBI LODR Regulations, 2015.
  • Stated Use of Proceeds: The funds are intended for the acquisition of an integrated sugar mill/ethanol distillery, a strategic stake or joint venture in an existing miller, procurement of capital equipment and technology, strategic partnerships, refinery/port storage capital expenditure, toll processing, and land lease/project development.
  • Conditions: The approval is subject to standard conditions, including submission of a listing application, payment of fees, and receipt of all necessary statutory approvals from authorities including SEBI, RBI, MCA, and compliance with FEMA, the Companies Act, 2013, and SEBI LODR regulations. Both exchanges reserve the right to withdraw approval if submitted information is found to be incorrect or in contravention of any rules.

2. Incorporation of a 100% Wholly-Owned Subsidiary

The company has successfully incorporated a new, wholly-owned subsidiary in London, United Kingdom.

  • Subsidiary Name: AUREVANT GLOBAL LIMITED
  • Relationship with Listed Entity: 100% wholly-owned subsidiary.
  • Industry: Sugar cane products and sugar by-products.
  • Line of Business: Production of ethanol and sugar products in London, United Kingdom.
  • Governmental/Regulatory Approvals: Stated as "Not Applicable" for the incorporation.
  • Nature of Consideration: Cash consideration.
  • Cost of Subscription/Price: 1000 GBP.
  • Shareholding/Control: 100% shareholding by Davangere Sugar Company Limited.

Additional Information

The required details as per the SEBI Master Circular reference number HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026, are provided in the attached Annexure A. Copies of the exchange approval letters are enclosed with the filing.

The document is signed by S.S. Ganesh, Managing Director (DIN: 00451383), and digitally signed by Ganesh Shivashankarappa Shamanur on 2026.06.24.