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:

1. 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'.

2. 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

1. The scrutinizer's report on voting will be submitted to the Stock Exchange.
2. 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.

Dev Information Technology Limited (DEVIT) has announced plans to raise funds through the issuance of convertible warrants on a preferential basis. The company's board of directors has approved the proposal, which is now subject to shareholder approval at an upcoming Extraordinary General Meeting (EGM) scheduled for November 18, 2025.

Key Details of the Warrant Issue

• Number of Warrants: Up to 1,50,00,000 (1.5 crore)
• Issue Price: ₹45.45 per warrant
• Total Fund Raise: Up to ₹68.18 crore
• Conversion Ratio: Each warrant convertible into one equity share
• Face Value of Resulting Shares: ₹2 each
• Conversion Period: Within 18 months from the date of allotment
• Allottee: Aeroflex Enterprises Limited (Non-promoter)

Payment Terms

• 25% of the issue price to be paid upfront
• Remaining 75% payable upon conversion of warrants into equity shares

Proposed Fund Utilization

Impact on Shareholding

Post-conversion, Aeroflex Enterprises Limited is expected to hold a 21.03% stake in Dev Information Technology Limited, assuming full subscription and conversion of the warrants.

Regulatory Compliance

The company has stated that the warrants will be subject to lock-in provisions as per SEBI regulations. The relevant date for pricing the warrants has been set as October 17, 2025.

EGM Details

The Extraordinary General Meeting to seek shareholder approval for this preferential issue is scheduled for November 18, 2025, at 04:00 P.M. through Video Conferencing (VC) / Other Audio Visual Means (OAVM).

This move by Dev Information Technology Limited appears to be aimed at strengthening its financial position and supporting various growth initiatives. Investors and stakeholders will be closely watching the outcome of the EGM and the subsequent developments in this fundraising effort.