Announced Tue, 4 Aug · 16:32 IST
Promoters encumber 19.65% holding via non-disposal covenant for Rs 100 cr NCDs
DEVX · price
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Price reaction · full curve 14 horizons · vs prior close
+0.0%1-day move
₹34.00
prior close
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base price
After-mkt
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AI summary
Three promoter-directors of Dev Accelerator (Parth Shah, Rushit Shah, Umesh Uttamchandani) disclosed encumbrance over 1,85,96,640 shares (19.65% of capital, 56.01% of promoter holding) tied to Rs 100 crore listed secured debentures rated Acuite BBB/Stable. Funds: up to Rs 55 cr debt refinancing, Rs 25 cr for Bangalore and Pune projects, rest for working capital. Guarantors barred from diluting below 19% till redemption.
Likely market impact
56% of promoter holding encumbered (covenant, not pledge) for Rs 100 cr debentures. Promoters must hold at least 19% till redemption.