Dev Accelerator Limited Allots Rs 100 Crores in Non-Convertible Debentures via Private Placement
Dev Accelerator Limited, formerly known as Dev Accelerator Private Limited, has approved the allotment of non-convertible debentures (NCDs) amounting to Rs 100 crore through a private placement. The move solidifies the company’s capital structure and provides a mechanism for raising funds while targeting listing on the Wholesale Debt Market segment of BSE Limited.The Executive Committee of the Board of Directors approved the allotment on August 4, 2026. The issue comprises 100,000 senior, listed, secured, non-cumulative, taxable, and transferable nonconvertible debentures (Debentures), each having a face value of Rs 10,000.
The Debentures are set to be listed on the Wholesale Debt Market segment of BSE Limited within statutory timelines. These instruments carry an interest rate of 11.75% per annum and are scheduled for repayment over a three-year tenure.
Key Details of the Issue
The allotment is structured as a private placement aimed at eligible investors. The maturity date for the Debentures is set for August 4, 2029, with the initial allotment taking place on August 4, 2026. Interest payments are scheduled to be made monthly, commencing on August 31, 2026.The company has created specific charges and security over its assets to back the issuance. The security includes a first ranking pari passu charge by way of hypothecation over all movable and immovable fixed assets, an exclusive charge over identified receivables, and an escrow account arrangement.
| Feature | Details |
|---|---|
| Type of Security | Non-Convertible Debentures (NCDs) |
| Total Issue Size | Rs 100,00,00,000 (Rupees One Hundred Crores only) |
| Number of Debentures | 100,000 |
| Face Value per NCD | Rs 10,000 |
| Coupon Interest Rate | 11.75% per annum |
| Tenure/Maturity Date | August 4, 2029 |
| Listing Target | BSE Limited (Wholesale Debt Market) |
Security and Default Provisions
The security structure requires the hypothecated assets to maintain a minimum security cover of 1.0x at all times until the final settlement date. This security cover is stipulated to increase to 1.5x starting 90 days after the allotment date, calculated against the aggregate outstanding amount including principal, accrued coupon, and default interest.The agreement includes specific provisions regarding defaults. Any delay or default in payment of the coupon or principal shall attract additional interest at 3% per annum above the coupon rate on the outstanding principal until actual payment. Failure to perfect the security within 30 days of executing the hypothecation document will attract additional interest at 3% per annum.
The Debentures are scheduled for redemption in full at par via a single bullet repayment on August 4, 2029, unless redeemed early according to the terms specified in the Debenture Trust Deed.
DEVX Stock Price Movement
As of 2:19 PM, shares of Dev Accelerator Limited are slipping by 1.22% in live trading, currently priced at ₹33.91. The equity sees a high volume trade count, with 100,212 shares traded so far in the session.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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