Dev Information Technology has announced a significant contract win, securing a ₹1.90 crore order from the Directorate of Food and Civil Supplies, an undertaking of Food Civil Supplies and Consumer Affairs Department Gujarat. This substantial order represents a major business opportunity for the IT services company in the government digitization sector.

Expanded Project Scope and Services

The comprehensive order encompasses multiple digital portal services that are crucial for Gujarat's digital infrastructure and citizen services. The project has been expanded to include additional platforms beyond the original scope:

The expanded scope now includes the Direct Benefit Transfer (DBT) Portal and Jan Seva & Digital Sevasetu App, significantly enhancing the project's impact on citizen services. These digital platforms are designed to streamline government services and improve accessibility to various state services for Gujarat residents.

Contract Terms and Execution Timeline

Dev Information Technology has committed to completing the entire project within approximately two months under a fixed-cost contract structure. The company has confirmed this is a domestic order with no related party transactions involved.

Strategic Market Position

This order represents a notable achievement for Dev Information Technology in the government digitization sector. The project involves critical citizen-facing applications that require robust database management systems and reliable digital infrastructure. The company's selection by the Food Civil Supplies and Consumer Affairs Department Gujarat demonstrates its technical competency in handling large-scale government IT projects.

The successful execution of this expanded project scope could potentially position Dev Information Technology for additional government contracts and strengthen its presence in the public sector IT services market, particularly in essential citizen service delivery systems.

Dev Information Technology has announced the withdrawal of its previously proposed convertible warrants issue, which was intended to raise ₹68.18 crores. The Board of Directors made this decision during their meeting held on December 26, 2025, citing strategic considerations and market conditions.

Original Fundraising Plan

The company had initially proposed to raise capital through the issuance of convertible warrants in October 2025. The fundraising structure was designed to strengthen the company's financial position through a preferential issue.

Board Decision and Rationale

The Board of Directors decided to withdraw the proposed preferential issue after a comprehensive review of prevailing business environment and market conditions. The decision was made in the overall interests of the company and its stakeholders.

Key Considerations for Withdrawal

Strategic Business Restructuring

The management is currently evaluating strategic business restructuring alternatives and potential collaborations. These initiatives aim to sharpen business focus, enhance operating efficiencies, and create long-term sustainable value for all stakeholders. The ongoing strategic review and its potential impact on capital requirements influenced the Board's decision.

Prudent Capital Planning

The Board believes it would be more prudent to reassess the timing, quantum, and structure of any future capital-raising exercise rather than proceeding with the previously approved preferential issue. This approach aligns with shareholder value considerations and strategic planning objectives.

Operational Impact

The company emphasized that the withdrawal of the proposed preferential issue does not affect its existing operations, commitments, or ability to meet ongoing financial obligations. The Board confirmed that this decision was taken after due deliberation with the objective of protecting and enhancing the interests of all shareholders.

Regulatory Compliance

The announcement was made in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The Board meeting commenced at 01:30 p.m. and concluded at 02:30 p.m. on December 26, 2025. The company remains committed to transparent disclosures and keeping stock exchanges and investors informed of any material developments, including fresh proposals for fundraising, restructuring, or strategic collaborations.