DevX Board Approves ₹35 Crore Fundraise for Ahmedabad Workspace Expansion

Dev Accelerator Limited has announced board approval for fundraising up to ₹35 crore through preferential issuance of convertible warrants and equity shares. The board meeting held on March 24, 2026, approved the capital raise with promoters participating through ₹15 crore investment via convertible warrants, while the remaining ₹20 crore will come from non-promoter investors through equity shares.

Promoter Investment Through Convertible Warrants

The company proposes to issue up to 33,33,330 convertible warrants to three promoters at ₹45.00 per warrant, raising ₹14,99,99,850. Each warrant is convertible into one fully paid-up equity share within 18 months from allotment.

Parameter: Details Number of Warrants: 33,33,330 Issue Price: ₹45.00 per warrant Total Amount: ₹14,99,99,850 Exercise Period: 18 months from allotment Allottees: Shah Parth Naimeshbhai, Uttamchandani Umesh Satishkumar, Rushit Shardulkumar Shah

The warrants require 25% payment at subscription with the balance 75% payable upon conversion to equity shares. All three promoters will receive 11,11,110 warrants each, valued at ₹4,99,99,950 per allottee.

Non-Promoter Equity Investment

The board also approved issuance of 44,44,440 fully paid-up equity shares to Infibeam Projects Management Private Limited at ₹45.00 per share, aggregating ₹19,99,99,800.

Parameter: Details Number of Shares: 44,44,440 Face Value: ₹2.00 per share Issue Price: ₹45.00 per share Total Amount: ₹19,99,99,800 Allottee: Infibeam Projects Management Private Limited Post-Allotment Holding: 4.54% of company

Ahmedabad Expansion Strategy

The proceeds will be utilized for paying an Interest Free Refundable Security Deposit of ₹35.10 crore for securing managed workspace in Ahmedabad. The company has entered into a Letter of Intent for approximately 4,50,000 sq. ft. space in the proposed "Winston" building on Bopal-Ambli Road, to be operated under DevX's Straight Lease Model.

Project Details: Specifications Location: Bopal-Ambli Road, Ahmedabad Area: 4,50,000 sq. ft. Security Deposit: ₹35.10 crore Operating Model: Straight Lease Model Building Name: Winston (proposed)

Managing Director Umesh Uttamchandani commented that Ahmedabad remains a priority market with strong enterprise demand for high-quality managed workspaces. He emphasized promoter participation demonstrates strong conviction in DevX's business model and growth trajectory.

Regulatory Process and Timeline

The company has issued postal ballot notice to shareholders with remote e-voting scheduled from March 25 to April 23, 2026. M/s. Murtuza Mandorwala & Associates has been appointed as scrutinizer for the postal ballot process.

Voting Timeline: Details Cut-off Date: March 20, 2026 Voting Period: March 25 - April 23, 2026 Voting Hours: 9:00 AM to 5:00 PM Result Declaration: Within 2 working days Scrutinizer: M/s. Murtuza Mandorwala & Associates

Both issuances comply with SEBI ICDR Regulations and Companies Act, 2013, with the relevant pricing date fixed as March 24, 2026. The company operates 28 centres across multiple Indian cities with over 14,000 seats and 8.6 lakh sq. ft. under management, positioning itself as an enterprise-focused managed workspace platform.

Source: Company/INE0VOV01021/8621aea1-8257-437e-b6fe-56aabdb2f734.pdf

Dev Accelerator Limited has informed stock exchanges about an upcoming board meeting scheduled for March 24, 2026, to consider significant fund raising proposals. The company, formerly known as Dev Accelerator Private Limited, communicated this development to both BSE Limited and National Stock Exchange of India Limited on March 17, 2026.

Board Meeting Agenda

The primary focus of the board meeting will be to evaluate and approve proposals for raising funds through various financial instruments. The company has outlined multiple potential avenues for fund raising that the board will consider.

Fund Raising Method: Details Equity Shares: Issuance through various permissible modes Private Placement: Direct offering to select investors Qualified Institutions Placement: Offering to qualified institutional buyers Preferential Issue: Shares offered to specific investors Other Methods: Any combination as permitted under applicable laws

The fund raising initiative will be subject to necessary regulatory and statutory approvals, including shareholder consent. The board will also consider ancillary actions required for the fund raising process, including the possibility of convening an extraordinary general meeting or conducting a postal ballot to obtain shareholder approval.

Trading Window Closure

In accordance with the company's Code of Conduct to Regulate, Monitor and Report Trading by Designated Persons, Dev Accelerator Limited has implemented a trading window closure. The restriction on trading in the company's securities became effective from the close of business hours on March 17, 2026.

Parameter: Details Closure Start: March 17, 2026 (close of business) Closure End: 48 hours after board meeting conclusion Applicable To: Designated persons and immediate relatives Reason: Board meeting for fund raising consideration

This trading window closure is a standard regulatory compliance measure designed to prevent insider trading during periods when material information may be discussed or decided upon by the company's board.

Company Information

Dev Accelerator Limited, which was previously incorporated as Dev Accelerator Private Limited, operates under the CIN L74999GJ2020PLC115984. The company is listed on both major Indian stock exchanges with script code 544513 on BSE and trading symbol DEVX on NSE. The notification was signed by Anjan Trivedi, who serves as the Company Secretary and Compliance Officer.

The upcoming board meeting represents a significant corporate development as the company explores various fund raising options to support its business objectives. The comprehensive approach to fund raising, considering multiple methods and ensuring proper regulatory compliance, demonstrates the company's commitment to following established corporate governance practices.

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