Dev Accelerator Ltd: Guarantors Create Encumbrance Over Shares

Dev Accelerator Limited (DAL) has filed a revised disclosure concerning an encumbrance created over equity shares held by guarantors Parth Shah, Rushit Shah, and Umesh Uttamchandani. This encumbrance is in connection with DAL's issuance of up to ₹100 crore in senior, listed, secured, redeemable, non-cumulative, taxable, transferable, non-convertible debentures on a private placement basis. The encumbrance includes covenants that the guarantors will not reduce their collective shareholding below 19% of the total paid-up capital (on a fully diluted basis) and will maintain their executive positions and directorships until the Final Redemption Date. Additionally, DAL requires the Debenture Trustee's consent for significant corporate restructuring activities. This disclosure is made under SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011.