Corporate News
Dev Labtech Venture Limited is proceeding with a preferential allotment of warrants, which will be converted into equity shares, with allotment dates yet to be determined pending shareholder approval. The offering involves preferential allotment to Promoter/Director Jerambhai Lavjibhai Donda, Whole-Time Director/CFO Jay Jerambhai Donda (a relative), Director Dimple Jay Donda (also a relative), Practicing Company Secretary Ricky Kapadia, and several non-promoter investors including Sachin Madhusudan Chhatre and Rajendrasinh Hathisinh Sarvaiya. Allottees will pay 25% of the consideration upon warrant allotment and the remaining 75% upon equity share conversion, with any unutilized funds forfeited if conversion doesn't occur within 18 months. The equity shares resulting from the warrant conversion will be listed on the BSE SME Platform and are subject to SEBI lock-in regulations, while a valuation report from Ricky Kapadia was used to determine the warrant price.