Dev Accelerator Promoters Encumber Shares for ₹100 Cr Debenture Issue

Dev Accelerator Limited's promoters, Parth Shah, Rushit Shah, and Umesh Uttamchandani, have disclosed the encumbrance of their equity shares. This action 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 on a private placement basis. The encumbrance is established through a debenture trust deed and a deed of personal guarantee executed in favor of the Debenture Trustee, Catalyst Trusteeship Limited. Key covenants include maintaining a minimum collective shareholding of 19% and retaining executive positions/directorships by the guarantors until the Final Redemption Date. The company also requires the Debenture Trustee's consent for significant corporate restructuring activities.