Dev Accelerator Limited has informed stock exchanges about an upcoming board meeting scheduled for March 24, 2026, to consider significant fund raising proposals. The company, formerly known as Dev Accelerator Private Limited, communicated this development to both BSE Limited and National Stock Exchange of India Limited on March 17, 2026.

Board Meeting Agenda

The primary focus of the board meeting will be to evaluate and approve proposals for raising funds through various financial instruments. The company has outlined multiple potential avenues for fund raising that the board will consider.

The fund raising initiative will be subject to necessary regulatory and statutory approvals, including shareholder consent. The board will also consider ancillary actions required for the fund raising process, including the possibility of convening an extraordinary general meeting or conducting a postal ballot to obtain shareholder approval.

Trading Window Closure

In accordance with the company's Code of Conduct to Regulate, Monitor and Report Trading by Designated Persons, Dev Accelerator Limited has implemented a trading window closure. The restriction on trading in the company's securities became effective from the close of business hours on March 17, 2026.

This trading window closure is a standard regulatory compliance measure designed to prevent insider trading during periods when material information may be discussed or decided upon by the company's board.

Company Information

Dev Accelerator Limited, which was previously incorporated as Dev Accelerator Private Limited, operates under the CIN L74999GJ2020PLC115984. The company is listed on both major Indian stock exchanges with script code 544513 on BSE and trading symbol DEVX on NSE. The notification was signed by Anjan Trivedi, who serves as the Company Secretary and Compliance Officer.

The upcoming board meeting represents a significant corporate development as the company explores various fund raising options to support its business objectives. The comprehensive approach to fund raising, considering multiple methods and ensuring proper regulatory compliance, demonstrates the company's commitment to following established corporate governance practices.

Dev Accelerator Limited has filed its quarterly monitoring agency report with stock exchanges, providing detailed insights into the utilization of proceeds from its Initial Public Offering (IPO) during the quarter ended December 31, 2025.

IPO Proceeds Overview

The company raised Rs. 143.35 crore through its public issue in September 2025, issuing 235,00,000 equity shares at Rs. 61.00 per share. After deducting issue-related expenses of Rs. 15.97 crore, the net proceeds available for utilization stood at Rs. 127.38 crore.

Q3FY26 Utilization Details

During Q3FY26, Dev Accelerator Limited utilized Rs. 31.89 crore from the IPO proceeds across its stated objectives. The primary allocation was towards capital expenditure for fit-outs in proposed centers, which received Rs. 25.47 crore during the quarter.

Capital Expenditure Activities

The company's capital expenditure of Rs. 25.47 crore during Q3FY26 was primarily directed towards furniture, civil work, and fit-out activities. Major payments totaling Rs. 18.90 crore were made to three key vendors:

• PHA Enterprise Private Limited
• Aditi Air Conditioning
• Jaliyan Enterprises

These expenditures were related to Capital One and Ahmedabad Center 10 site development, with some invoices pertaining to periods prior to the IPO issue.

Debt Repayment Progress

The company completed its objective of repaying non-convertible debentures (NCDs) during Q3FY26. Out of the total repayment of Rs. 6.91 crore towards NCD redemption, Rs. 6.42 crore was funded from IPO proceeds, completing the Rs. 35.00 crore allocation for this purpose.

Deployment of Unutilized Funds

As of December 31, 2025, the remaining Rs. 39.94 crore of unutilized IPO proceeds were strategically deployed across various instruments to optimize returns:

Monitoring Agency Assessment

Infomerics Valuation and Rating Limited, serving as the monitoring agency, certified that the utilization of IPO proceeds was in compliance with the prescribed purposes mentioned in the offer document. The agency reported no material deviations from the objects disclosed in the offer document and confirmed that all utilization aligned with stated objectives.

The monitoring was supported by a CA certificate dated January 28, 2026, issued by Nisarg J Shah & Co., Chartered Accountants, which also serves as the company's statutory auditor. The certificate verified that IPO proceeds utilization during Q3FY26 complied with prescribed purposes as outlined in the offer document.