Davangere Sugar Company Limited has announced plans to raise ₹400 crore through a rights issue. This decision was made during the company’s board meeting, where several important matters were also discussed.
The company plans to issue equity shares with a face value of ₹1 each to its eligible equity shareholders on a rights basis. The total value of this rights issue will not exceed ₹400 crore. The company’s market capitalization currently stands at ₹680 crore.
In addition to the fundraise, the board approved the 53rd Annual General Meeting (AGM) to be held on September 30, 2024. Mrs. Ashwini Inamdar was appointed as the Scrutinizer for e-voting, while Mr. M.R. Krishna Murthy was named Cost Auditor. Mrs. Vinita Dilip Modak joined as an Additional Non-Executive Independent Director. Furthermore, the re-appointment of Mr. Shamanur Shivashankarappa Ganesh as Managing Director for another five years was confirmed. Mrs. Veena Umpathy resigned from her position as Independent Director due to personal commitments.
The board meeting, which commenced at 10:00 am, concluded by 11:30 am.