Promoters of Dev Accelerator Limited have created an encumbrance over their equity shares to support a ₹100 crore non-convertible debenture (NCD) issuance.

The disclosure, filed with stock exchanges on August 4, 2026, relates to a deed of personal guarantee executed on July 31, 2026. The encumbrance covers shares held by Chairman Parth Shah, Whole Time Director Rushit Shah, and Managing Director Umesh Uttamchandani.

Encumbrance Details

The three promoters collectively hold 35.09% of the company’s total share capital, amounting to 3,32,01,850 shares. The new encumbrance affects 1,85,96,640 shares, representing 19.65% of the total paid-up capital.

This transaction results in 56.01% of the promoter group’s total stake being encumbered. The company clarified that no pledge has been created; rather, the encumbrance arises from covenants restricting disposal and control over the shares.

NCD Structure and Ratings

The debt instrument consists of up to 1,00,000 senior, listed, secured, rated, redeemable, non-cumulative, taxable, transferable, non-convertible debentures. Each debenture has a face value of ₹10,000.

The issue carries a credit rating of Acuite BBB | Stable. Catalyst Trusteeship Limited acts as the Debenture Trustee for the benefit of holders including Manba Finance Ltd, Indel Money Limited, Wiseacre Trading and Consulting Private Limited, Blue Ashva Mangalam Large Value Fund – I, and Gripvest Asset Lix LLP.

Use of Proceeds

Dev Accelerator plans to utilize the raised funds for specific corporate purposes:

• Refinancing existing indebtedness: up to ₹55 crore
• Capital expenditure and security deposits for Bangalore Prestige project (approx. 100,000 sq. ft.) and Pune ANP project (approx. 200,000 sq. ft.): up to ₹25 crore
• General working capital requirements: balance amount

Covenants and Restrictions

Under the Deed of Personal Guarantee and Debenture Trust Deed, the guarantors must maintain a collective shareholding of at least 19% of the total issued and paid-up share capital on a fully diluted basis until the Final Redemption Date. They are also required to retain their executive positions and directorships.

Additionally, the company cannot undertake amalgamation, demerger, merger, consolidation, or other corporate restructuring without prior written consent from the Debenture Trustee.

Dev Accelerator Limited has published newspaper advertisements regarding its 6th Annual General Meeting (AGM), confirming the schedule for September 25, 2026. The disclosure follows the earlier provision of a web link for its FY26 Integrated Annual Report, ensuring access for all stakeholders.

The company issued letters to security holders on September 1, 2026, pursuant to Regulation 36(1)(b) and 58(1)(b) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. These regulations mandate that listed entities provide web links to annual reports for stakeholders lacking registered email IDs. Newspaper advertisements were subsequently published in Business Standard (English) and Jai Hind (Gujarati) on September 2, 2026.

Meeting Details

The 6th AGM is scheduled for September 25, 2026, at 1:00 pm. The meeting will be conducted through Video Conferencing or Other Audio-Visual Means (VC/OAVM) from the company's registered office in Ahmedabad, Gujarat.

E-Voting Process

Members are provided with the facility to cast their votes electronically through remote e-voting or during the AGM via services provided by the National Securities Depository Limited (NSDL). Voting rights are determined based on equity shares held as of the cut-off date, Friday, September 18, 2026.

The remote e-voting period commences on Tuesday, September 22, 2026, at 9:00 am and ends on Thursday, September 24, 2026, at 5:00 pm. Members who have cast their votes by remote e-voting prior to the AGM may attend the meeting but are not entitled to vote again.

Shareholder Instructions

The Notice of AGM and Annual Report for FY26 are sent electronically only to members with registered email addresses. For those without registered emails, the documents are available on the company website at devx.work/investor-relations/financials?tab=annual-report. The reports are also accessible on the websites of BSE Limited and National Stock Exchange of India Limited. Members are advised to update their email details with their Depository Participants or the company's compliance officer to receive future communications promptly.