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DAL shares are encumbered as promoters guarantee Rs 100 crore in debentures
04-Aug-2026, 06:18
Dev Accelerator Limited (DAL) disclosed that 1,85,96,640 shares, representing 19.65% of its total share capital, are encumbered due to covenants and obligations within a Debenture Trust Deed and personal guarantees from promoters Parth Shah, Rushit Shah, and Umesh Uttamchandani. The encumbrance, held by Catalyst Trusteeship Limited on behalf of debenture holders, relates to up to Rs 100 crore in Senior, Listed, Secured, Rated, Redeemable, Non-Cumulative, Taxable, Transferable, Non-Convertible Debentures with an Acuite BBB stable rating. Proceeds from the debenture issuance will be used to refinance existing debt, fund capital expenditure for projects in Bangalore and Pune, and support general working capital. While no direct pledge of shares was created, the disclosure is being made to comply with SEBI’s Takeover Regulations and highlights the promoters’ obligations related to the debt instrument.
Dev Accelerator Limited (DAL) disclosed that 1,85,96,640 shares, representing 19.65% of its total share capital, are encumbered due to covenants and obligations within a Debenture Trust Deed and personal guarantees from promoters Parth Shah, Rushit Shah, and Umesh Uttamchandani. The encumbrance, held by Catalyst Trusteeship Limited on behalf of debenture holders, relates to up to Rs 100 crore in Senior, Listed, Secured, Rated, Redeemable, Non-Cumulative, Taxable, Transferable, Non-Convertible Debentures with an Acuite BBB stable rating. Proceeds from the debenture issuance will be used to refinance existing debt, fund capital expenditure for projects in Bangalore and Pune, and support general working capital. While no direct pledge of shares was created, the disclosure is being made to comply with SEBI’s Takeover Regulations and highlights the promoters’ obligations related to the debt instrument.