NewsCorporate ActionsDev Information Technology Shareholders Greenlight Issuance of 1.5 Crore Convertible WarrantsDev Information Technology Shareholders Greenlight Issuance of 1.5 Crore Convertible Warrants
Dev Information Technology Limited held an EGM where shareholders approved the issuance of up to 1.5 crore fully convertible warrants on a preferential basis. The meeting was conducted via video conferencing, chaired by Mr. Pranav Niranjan Pandya. The company made revisions to PCS Certificate and Valuation Report for NSE and BSE approval, emphasizing that these changes did not affect the proposed warrant price. E-voting facilities were provided, and the Managing Director, Mr. Jaimin J. Shah, presented an overview of the transaction and its objectives.
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Dev Information Technology Limited (Dev IT) held an Extraordinary General Meeting (EGM) on November 18, 2025, where shareholders approved a significant corporate action. The meeting, which took place via video conferencing, saw the approval for the issuance of up to 1,50,00,000 (1.5 crore) fully convertible warrants on a preferential basis.
Key Highlights of the EGM
- Approval Granted: Shareholders approved the issuance of up to 1.5 crore fully convertible warrants.
- Meeting Format: The EGM was conducted through Video Conferencing (VC) or Other Audio-Visual Means (OAVM).
- Timing: The meeting commenced at 4:00 PM and concluded at 4:28 PM.
- Chairman: Mr. Pranav Niranjan Pandya chaired the meeting.
Revisions to Documentation
In the process of obtaining in-principle approval for the preferential allotment from the National Stock Exchange (NSE) and BSE Limited, Dev IT made several revisions to key documents:
PCS Certificate:
- Clause 6 (pricing certificate) on page 2 and clause 7 on page 7 were revised.
- These clauses relate to the '10 trading days VWAP of the relevant equity shares quoted on a recognized stock exchange preceding the relevant date'.
Valuation Report:
- Clerical and computational errors on pages 17, 18, and 22 were identified and corrected.
Important Note on Revisions
The company emphasized that these revisions were made to correct clerical errors and did not affect the per-share price of the warrants proposed to be issued. This clarification is crucial for maintaining transparency with shareholders and potential investors.
Voting Process
- Remote e-voting facility was provided to members prior to the EGM.
- Additional e-voting was available for 15 minutes post-conclusion of the EGM for those who hadn't cast their votes earlier.
- A scrutinizer will check the votes and include them in the final e-voting results.
Management Insights
Mr. Jaimin J. Shah, the Managing Director, provided a brief overview of the proposed transaction and detailed explanations on the 'Objects of Issue'. This presentation likely offered shareholders valuable context for the warrant issuance.
Next Steps
- The scrutinizer's report on voting will be submitted to the Stock Exchange.
- Voting results will be:
- Submitted to the Stock Exchange
- Uploaded on the company's official website ( www.devitpl.com )
- Placed at the company's registered office
This corporate action by Dev Information Technology Limited represents a significant move that could impact the company's capital structure and potentially its future growth strategies. Shareholders and market observers will likely be keen to see how the company utilizes this approved issuance of convertible warrants in its upcoming business plans.
