Dev Accelerator Limited Secures Funding via Debenture Trust Deed and Promoter Personal Guarantees
Dev Accelerator Limited has entered into a debenture trust deed with Catalyst Trusteeship Limited, which acts as the debenture trustee for the issuance of unsecured corporate debt. Concurrently, the company’s promoters have executed a Deed of Personal Guarantee to support the financial obligations arising from this debt structure.The agreement involves the private placement of up to 100,000 senior, listed, secured, rated, redeemable, non-cumulative, taxable, transferable, nonconvertible debentures. Each debenture has a face value of Rs. 10,000, aggregating up to Rs. 100 Crore.
The personal guarantee was executed on July 31, 2026, by three key promoters: Mr. Parth Shah, Mr. Rushit Shah, and Mr. Umesh Uttamchandani. The Deed of Personal Guarantee is in favour of Catalyst Trusteeship Limited (the Debenture Trustee) and serves to secure the payment obligations of Dev Accelerator Limited under the debenture trust deed.
The guarantors are all integral members of the company’s promoter group, with their respective roles including Chairman and Whole Time Director for Mr. Parth Shah, Promoter and Whole Time Director for Mr. Rushit Shah, and Promoter and Managing Director for Mr. Umesh Uttamchandani. Catalyst Trusteeship Limited is noted as a non-related party in this arrangement.
Key terms and restrictions related to the personal guarantee include:
| Counterparty | Role/Relationship with Dev Accelerator Limited |
|---|---|
| Mr. Parth Shah | Promoter and Chairman and Whole Time Director of the Company |
| Mr. Rushit Shah | Promoter and Whole Time Director of the Company |
| Mr. Umesh Uttamchandani | Promoter and Managing Director of the Company |
| Catalyst Trusteeship Limited | Debenture Trustee (Not a related party) |
The Deed of Personal Guarantee contains customary covenants for each Guarantor, requiring them to maintain necessary approvals, furnish financial information, comply with monitoring requests, and perform related duties.
Crucially, the agreement imposes specific restrictions on the promoters prior to the final redemption date. These include maintaining collective shareholding in the Company at or above 19 percent of the total issued and paid-up share capital (on a fully diluted basis). Furthermore, neither Mr. Parth Shah nor Mr. Rushit Shah is permitted to cease holding executive positions or directorships within Dev Accelerator Limited before the maturity date.
The Deed of Personal Guarantee does not impose any direct liabilities on Dev Accelerator Limited; it constitutes personal obligations of the Guarantors.
DEVX Stock Price Movement
Shares of Dev Accelerator Limited today slipped by 0.96% to settle at ₹33.95, closing the day in the red. The stock saw a total traded volume of 129,708 shares.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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