Davangere Sugar Company Limited has secured the listing of its Foreign Currency Convertible Bonds (FCCBs) on the Afrinex Stock Exchange in Mauritius. The listing, effective July 9, 2026, covers an aggregate principal amount of USD 100 million. This development follows the company's earlier board approval and allotment of 1,000 unsecured FCCBs to raise funds for strategic acquisitions and capital equipment procurement.

Key Terms of the Issuance

The FCCBs carry a coupon rate of 2% per annum and are set to mature on July 9, 2031. The bonds were issued at a 15% discount to the issue price, with an aggregate issue price of USD 85 million. The conversion price is fixed at INR 3.60 per equity share, based on the regulatory floor price determined on July 3, 2026. The ISIN for the listed securities is MU00000000388.

Regulatory Approvals and Subsidiary

The proposal received in-principle approval from BSE Limited and National Stock Exchange of India Limited on June 10, 2026, under Regulation 28(1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Simultaneously, the company incorporated a fully owned subsidiary, Aurevant Global Limited, in London on June 4, 2026, with an initial investment of 1000 GBP to drive global expansion in ethanol and sugar products.

Davangere Sugar Company Ltd submitted a declaration regarding the unmodified opinion on its audit report to the National Stock Exchange of India Limited (NSE) on July 03, 2026. The submission addressed an inadvertent omission from the financial results filed on May 29, 2026. The company clarified that the oversight was unintentional and that the relevant disclosure was already captured in the Integrated Financial Results XBRL filing submitted to the exchange.

The company stated that the non-submission of the separate declaration was due to an oversight during the filing process. It emphasized that there was no intention to withhold information from the exchange. To ensure full compliance, the declaration was submitted pursuant to Regulation 33(3)(d) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The statutory auditors had issued an unmodified opinion on the audit report. The company confirmed that the "Declaration of Unmodified Opinion" was duly selected and disclosed in the XBRL submission, even though the separate document was not attached initially.

The following table outlines the key dates related to the filing:

S.S. Ganesh, Managing Director of Davangere Sugar Company Ltd, signed the communication submitted to the exchange. The company expressed regret for the inadvertent omission and assured continued commitment to timely compliance with SEBI regulations.