Davangere Sugar Company Limited has rescheduled its board meeting to July 3, 2026, to consider and approve the proposal for the issuance of Unsecured Foreign Currency Convertible Bonds (FCCBs). The meeting was originally scheduled for July 2, 2026. This proposal follows the in-principle approval granted by BSE Limited and National Stock Exchange of India Limited on June 10, 2026, to raise USD 100 Million through FCCBs. The issuance is subject to receipt of applicable regulatory and statutory approvals and builds upon the shareholders' approval obtained during the Extra-Ordinary General Meeting on April 24, 2026. The funds raised are intended for strategic acquisitions, capital equipment procurement, and project development.

In-Principle Approval for FCCBs

The exchanges granted approval under Regulation 28(1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The approval is subject to the company fulfilling conditions such as filing a listing application, payment of fees, and obtaining statutory approvals from authorities including SEBI, RBI, and MCA. The table below details the approval parameters:

Incorporation of UK Subsidiary

Simultaneously, the company has incorporated Aurevant Global Limited in London to drive its global expansion strategy. The subsidiary, fully owned by Davangere Sugar Company Limited, was incorporated on June 4, 2026. It will focus on the production of ethanol and sugar products in the United Kingdom. The initial investment for the subscription was 1000 GBP.

Davangere Sugar Company Limited disclosed that its promoters and promoter group have not encumbered any shares during the financial year ended March 31, 2026. The declaration confirms that no shares held directly or indirectly by the promoters, along with persons acting in concert, were pledged or otherwise encumbered during this period. This filing ensures compliance with regulatory requirements regarding substantial acquisition of shares and takeovers.

The disclosure was submitted to BSE Limited and National Stock Exchange of India Limited under Regulation 31(4) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The filing was made on April 07, 2026, by Shamanur Shivashankarappa Ganesh, Promoter and Managing Director of the company.

The declaration was submitted on behalf of the entire promoter and promoter group of Davangere Sugar Company Limited. The list includes individual promoters such as Ganesh S S, Abhijith Ganesh Shamanur, Rekha Ganesh, Anchal Ganesh Shamanur, Akhil G Shamanur, and S S Mallikarjuna. It also encompasses entities classified as promoter group, including Mafatlal Plywood Industries Private Limited and Indian Cane Power Limited.

Additionally, the disclosure covers S B Murugesh, who is identified as a person acting in concert (PAC) with the promoters. The comprehensive list of all relevant parties was provided as an annexure to the declaration submitted to the exchanges.

The company requested the exchanges to take the declaration on record. Copies of the filing were forwarded to the Chairman, the Audit Committee, and the Company Secretary and Compliance Officer of Davangere Sugar Company Limited for their information and records.