Dev Accelerator Ltd: Promoters create encumbrance for ₹100 Cr NCD issue

Dev Accelerator Limited (DAL) has filed a disclosure under SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011, regarding an encumbrance created by its promoters, Parth Shah, Rushit Shah, and Umesh Uttamchandani. This encumbrance is in connection with the company's issuance of up to ₹100 crore in senior, listed, secured, rated, redeemable, non-cumulative, taxable, transferable, non-convertible debentures (NCDs) on a private placement basis. The encumbrance involves covenants that restrict the promoters from reducing their collective shareholding below 19% and from ceasing their executive positions or directorships without the Debenture Trustee's consent. Additionally, DAL requires the Debenture Trustee's consent for significant corporate restructuring activities. This disclosure is made as the encumbrance has an economic effect similar to security under the Takeover Regulations.