Davangere Sugar Board Approves USD 100 Million FCCB Issue at ₹3.60 Conversion Price

Board approved issue of USD 100 Mn unsecured Foreign Currency Convertible Bonds (FCCBs) comprising 1,000 bonds of USD 100,000 each, bearing a 2% coupon per annum, issued at a 15% discount to principal amount (aggregate issue price of USD 85 Mn), maturing on July 09, 2031. FCCBs to be listed on Afrinex Stock Exchange, Mauritius. Conversion price set at INR 3.60 per equity share, implying approximately 2,645.6 Cr underlying equity shares upon conversion. Issue opens July 06, 2026, with allotment on July 09, 2026.