Dev Accelerator Limited Allots Convertible Warrants and Equity Shares; Strengthens Board with Auditor Appointments

Dev Accelerator Limited Allots Convertible Warrants and Equity Shares; Strengthens Board with Auditor Appointments​

Dev Accelerator Limited (formerly DevAccelerator Private Limited) announced key outcomes from its Board of Directors meeting held on June 16, 2026. The company approved the allotment of convertible warrants to promoters and allotted fully paid-up equity shares to a non-promoter entity, in addition to appointing new internal and secretarial auditors.

The board meeting reviewed several corporate transactions related to capital structure and professional appointments, reflecting growth activities across various facets of the business.

Convertible Warrants Allotment​

The company approved the allotment of 33,33,330 Convertible Warrants (CWs) at an issue price of Rs. 45 each. These warrants have a face value of Rs. 2 per warrant and carried a premium of Rs. 43. The total aggregated amount for this issuance reached Rs. 14,99,99,850.

The allotment was made to the company's promoters: Mr. Shah Parth Naimeshbhai, Mr. Uttamchandani Umesh Satishkumar, and Mr. Rushit Shardulkumar Shah. The allotment saw receipt of Rs. 3,74,99,962.50, which constitutes 25% of the aggregate amount. The remaining balance is payable upon the exercise of the warrants within a period of eighteen months from June 16, 2026.

Upon exercise, each warrant will convert into one fully paid up Equity Share, ranking pari passu with existing Equity Shares.

Equity Share Allotment and Capital Update​

In parallel, the Board approved the allotment of 44,44,440 fully paid-up Equity Shares to Infibeam Projects Management Private Limited, a non promoter entity. These shares were issued at an issue price of Rs. 45 per share, carrying a face value of Rs. 2 and a premium of Rs. 43. The total proceeds generated from the equity share allotment amounted to Rs. 19,99,99,800.

Following this transaction, Dev Accelerator Limited's issued and paid up equity share capital increased. Pre-allotment, the company had 9,01,87,515 equity shares fully paid up, with a capital base of Rs. 18,03,75,030. Post-allotment, the company now has 9,46,31,955 equity shares fully paid up, resulting in a total paid up capital of Rs. 18,92,63,910.

The details regarding the allotment and subscription outcome are available for reference, showing Infibeam Projects Management Private Limited as the sole allottee among the participating entities.

Auditor Appointments Finalized​

The company utilized the meeting to formalize critical professional appointments:

Internal Auditor: Grant Thornton Bharat LLP was appointed as the Internal Auditor for the financial year 2026-2027, based on the Audit Committee's recommendation. GT is described as a large integrated Assurance, Tax and Advisory firm in the country offering advisory and growth solutions across various domains.

Secretarial Auditor: M/s. Murtuza Mandorwala & Associates was appointed as the Secretarial Auditor. The appointment, also recommended by the Audit Committee, covers a term of five consecutive years, commencing from April 01, 2026, and concluding on March 31, 2031, subject to shareholder approval at the ensuing Annual General Meeting. M/s MMA is noted as a peer-reviewed Practicing Company Secretary firm based in Ahmedabad, specializing in corporate, legal, and compliance services.

This information pertains to Dev Accelerator Limited, which operates in the industry formerly known as DevAccelerator Private Limited.

DEVX Stock Price Movement​

Shares of Dev Accelerator Limited are edging higher to ₹36.64 as of 1:43 PM today, fueled by a gain of 0.58%. The stock has seen intense live trading with 182,682 shares changing hands in the session.