Dev Accelerator promoters create encumbrance for Rs 100 Cr debenture issue
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Three promoter directors of Dev Accelerator - Parth Shah, Rushit Shah, and Umesh Uttamchandani - have created encumbrance (non-disposal undertaking) over 1,85,96,640 shares, equal to 19.65% of total share capital and 56.01% of promoter holding, in favour of Catalyst Trusteeship. This is tied to the company issuing up to Rs 100 Cr of privately placed secured listed debentures (Acuite BBB Stable rating). Proceeds will be used to refinance up to Rs 55 Cr of existing debt, fund capex for Bangalore and Pune projects, and meet working capital needs. Promoters must maintain at least 19% collective stake until debenture redemption.
Promoters backing the company with personal guarantees for Rs 100 Cr debenture raise. Non-disposal undertaking locks promoter stake at minimum 19% till redemption, restricting share sale flexibility.