| Dev Accelerator Limited (DAL) disclosed that 1,85,96,640 shares, or 19.65% of its total share capital, are encumbered as of July 31, 2026. This restriction affects shares held by promoters Parth Shah, Rushit Shah, and Umesh Uttamchandani, representing 56.01% of their total holdings. The encumbrance, which does not involve a formal pledge of shares, stems from the company’s recent issuance of Rs 100 crore in senior, secured, and rated debentures with an Acuite BBB | Stable credit rating (ISIN: INE0VOV07051). Proceeds from the debenture issuance will be used to refinance existing debt, fund capital expenditure on projects in Bangalore and Pune, and support general working capital needs. The encumbrance is in place due to covenants and guarantees under a Debenture Trust Deed and Personal Guarantee, restricting certain actions by the promoters and granting Catalyst Trusteeship Limited, acting on behalf of the debenture holders, significant influence over company decisions. |