DevX Board Approves up to ₹35 Crore Fundraise to Expand Flexible Workspace Footprint in Ahmedabad

Dev Accelerator Limited (NSE: DEVX; BSE: 544513), today announced that its Board of Directors, at its meeting held on March 24, 2026, has approved a fundraise of up to ₹35 Crores through the preferential issuance of Convertible Warrants and Equity Shares to Promoters and Non-Promoter investor, subject to shareholder approval and applicable regulatory compliances.

Of the total fundraise, Promoters of the Company are participating with a capital infusion of up to₹15 Crores through Convertible warrants, with the balance up to ₹20 Crores being subscribed by Non-Promoter investor through equity shares.

The proceeds from this fundraise will be exclusively utilized towards the payment of an Interest Free Refundable Security Deposit of ₹35.10 Crores for securing a managed workspace in Ahmedabad. The Company has entered into a Letter of Intent (LOI) for approximately 4,50,000 sq. ft. of space in a tobe-constructed building proposed to be named "Winston", located on Bopal-Ambli Road, Ahmedabad. The centre will be operated under DevX's Straight Lease Model.

Commenting on the development, Umesh Uttamchandani, Managing Director, Dev Accelerator Limited, said: "Ahmedabad has always been a priority market for us and the Winston centre at 4,50,000 sq. ft. is a significant step in that direction. The city is witnessing strong demand from enterprises and corporates for high-quality managed workspaces and we see a compelling opportunity here. As promoters, we have chosen to directly participate in this fundraise because we have strong conviction in DevX's business model and the growth trajectory ahead. This capital will allow us to move swiftly on securing this centre and strengthen our presence in one of India's most dynamic markets. We remain committed to building DevX into a trusted flexible workspace brand across India and to creating long-term value for all our shareholders."

Shares of Dev Accelerator Limited was last trading in BSE at Rs. 36.18 as compared to the previous close of Rs. 36.98. The total number of shares traded during the day was 22838 in over 150 trades.

The stock hit an intraday high of Rs. 37.67 and intraday low of 35.55. The net turnover during the day was Rs. 833773.00.

Source : Equity Bulls

Keywords

DevAccelerator INE0VOV01021 FundRaising FlexibleWorkspce Ahmedabad