Share Market News: Davangere Sugar Shares To Be In Focus As Company To Raise Rs 400 Crore
Shares of Davangere Sugar Company are gaining attention as the board proposes a rights issue to raise up to Rs 400 crore for capital needs. The proposal, pending shareholder approval, aims to support the company’s expansion into sustainable power and ethanol solutions. Founded in 1970, Davangere Sugar has evolved with a high-capacity refinery and a focus on sustainability and local employment.
Shares of Davangere Sugar Company will be in focus as the company has informed exchanges that its board has proposed the issue of equity shares on the right basis for an amount aggregating up to Rs 400 crore on a rights basis to the existing shareholders of the company to meet its capital requirements.
“the Board of Directors of the Company in its meeting held on September 06th 2024, subject to the approval of the Shareholders of the Company, proposed to raise funds by issue of Equity Shares on right issue basis up to Rs. 400 Crores,” the company said in an exchange filing.
From its inception in 1970, Davangere Sugar Company Limited has evolved since its location in Kukkuwada, Karnataka, has been an important part of the city’s development. As part of its commitment to innovation, the company has expanded its product portfolio beyond Sugar into Sustainable Power and Ethanol Solutions. Its offerings reflect a harmonious blend of tradition and modernity, providing customers with a diverse range of high-quality products.
With its refinery and high-capacity ethanol facility, Davangere Sugar Factory stands out as a pioneer in sustainability. In addition to its commitment to Zero Waste & Green Energy principles, the company actively promotes local livelihoods and provides significant employment opportunities.
Currently, Davangere Sugar Company Ltd boasts a capacity of 6000 TCD (Tonnes of Cane Crushed per Day) at its expansive sugar plant. With a combined area of approximately 165 acres, the establishment of five large warehouses, capable of storing 60000 tonnes of sugar, underscores its emphasis on robust storage and distribution capabilities, ensuring a seamless supply chain.
Additionally, with a 65 KLPD capacity, Davangere Sugar Company Ltd produces ethanol, embodying its dedication to sustainable and eco-friendly energy solutions. The company’s Co-generation powerplant of 24.45 Megawatts.
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