Dev Accelerator Limited has informed the Exchange regarding a press release dated March 24, 2026, titled "DevX Board Approves up to ₹ 35 Crore Fundraise to Expand Flexible Workspace Footprint in Ahmedabad; Promoters Participate with up to ₹ 15 Crore Capital Infusion".
DEVX · price
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On the reaction day the stock moved 1.4 pts less than Nifty Microcap 250 and 0.1 pts less than its Diversified Commercial Services peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Dev Accelerator's board has approved a fundraise of up to ₹35 Crore through a preferential issuance of Convertible Warrants and Equity Shares to Promoters and a Non-Promoter investor, subject to shareholder approval. Promoters will contribute up to ₹15 Crore via Convertible Warrants, while the remaining up to ₹20 Crore will come from a Non-Promoter investor through equity shares. The entire proceeds will be used to pay an interest-free refundable security deposit of ₹35.10 Crore for a 4,50,000 sq. ft. managed workspace called 'Winston' on Bopal-Ambli Road, Ahmedabad, to be operated under DevX's Straight Lease Model. Currently, DevX operates 28 centres with over 14,000 seats and 8.6 lakh sq. ft. under management across India.
Promoters putting in their own money signals strong conviction in the business and is generally viewed positively by investors. The fundraise will dilute existing shareholders to some extent, but it directly funds a large expansion in Ahmedabad, which could drive future revenue growth. Short-term stock reaction may be mildly positive due to promoter participation, though the preferential nature means some shareholders may prefer a broader QIP route.