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Dalmia Bharat Sugar Sets 94.55:5.45 Cost Apportionment Ratio for DBRL Demerger
Dalmia Bharat Sugar and Industries Limited has announced the cost of acquisition apportionment following the demerger of its Dalmia Magnesite and Govan Travels units into Dalmia Bharat Refractories Limited (DBRL). Shareholders as of the October 31, 2025 record date are entitled to 1 share of DBRL for every 48.18 shares held in DALMIASUG. For tax purposes, the original cost of acquisition must be split, with 94.55% allocated to DALMIASUG and 5.45% to DBRL. This procedural update is essential for shareholders to accurately calculate future capital gains tax liabilities.
Key Highlights
Share exchange ratio fixed at 1 equity share of DBRL (FV Rs 10) for every 48.18 shares of DALMIASUG (FV Rs 2)
Cost of acquisition split determined as 94.55% for DALMIASUG and 5.45% for DBRL
Demerger involves the transfer of Dalmia Magnesite Corporation and Govan Travels to DBRL
Appointed date for the scheme was July 01, 2023, with the record date set as October 31, 2025
The apportionment is based on the net book value of assets transferred relative to the net worth of the demerged company
👀 What to Watch
Investors should update their records to reflect the 94.55% and 5.45% cost split for their holdings to ensure correct capital gains calculations during future share sales. No immediate buy or sell action is required as this is a tax-related regulatory filing.
ICRA reaffirms Dalmia Bharat Sugar's Commercial Paper rating at A1+
ICRA has reaffirmed the A1+ rating for Dalmia Bharat Sugar and Industries Limited's commercial paper, increasing the rated amount from ₹500 crore to ₹1,000 crore. The reaffirmation considers the company's efficient sugar mill operations and geographically diversified operations with a crushing capacity of 43,200 TCD. ICRA anticipates the company will maintain low leverage due to sucrose diversion towards ethanol and the distillery capacity expansion to 350 KLPD. Investors should note that the company's profitability remains vulnerable to government policies and agro-climatic risks.
Key Highlights
Commercial Paper rating reaffirmed at A1+ by ICRA.
Rated amount for Commercial Paper enhanced to ₹1,000 crore.
Sugar capacity of 43,200 TCD across Uttar Pradesh and Maharashtra.
Distillery capacity expected to increase to 950 KLPD in FY2026.
Net debt to equity of 0.2-0.3 times in the past two years.
👀 What to Watch
Investors should monitor government policies related to cane prices and sugar trade, as well as agro-climatic conditions affecting sugarcane production. Keep an eye on the progress of the distillery capacity expansion and its impact on the company's revenue mix.
