Board approves NCDs up to Rs. 300 crore; 33,33,330 equity shares allotted on warrant conversion
Board meeting on November 03, 2026 approved the Q2/H1 FY27 results, an NCD issue of up to Rs. 300 crore on a private placement basis, and allotment of 33,33,330 equity shares at Rs. 45 each to promoters on conversion of warrants.
By ScoutQuest · · 3 min read
- NCD Issue Approved
- up to Rs. 300 crore on a private placement basis
- Equity Shares Allotted
- 33,33,330 equity shares at Rs. 45 each to promoters on conversion of warrants
- Promoter Stake
- moves from 35.09% to 37.29%
Three decisions from the board meeting
- Approval of the unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2026, along with the limited review report of statutory auditors Nisarg J Shah & Co.
- Approval of raising funds by issuing Non-Convertible Debentures (NCDs) in dematerialised form, in one or more series or tranches, on a private placement basis, for an aggregate amount up to Rs. 300 crore. The Executive Committee has been empowered to complete the issue and allotment.
- Allotment of 33,33,330 equity shares of face value Rs. 2 each at a premium of Rs. 43 per share, following the exercise and conversion of 33,33,330 convertible warrants.
Promoter warrant conversion, in numbers
- The 33,33,330 convertible warrants were allotted on June 16, 2026 at an issue price of Rs. 45 each (including premium of Rs. 43), aggregating ~Rs. 15 crore.
- At that time, 25% of the amount, ~Rs. 3.75 crore, was received as the initial subscription amount.
- The balance 75%, Rs. 11,24,99,887.50, has now been received from Mr. Shah Parth Naimeshbhai, Mr. Uttamchandani Umesh Satishkumar and Mr. Rushit Shardulkumar Shah, all promoters of the company.
- The new shares rank pari-passu with the existing equity shares; an application for listing and trading approval will be made.
- Issued, subscribed and paid-up capital goes from 9,46,31,955 shares (Rs. 18,92,63,910) to 9,79,65,285 shares (Rs. 19,59,30,570).
- Promoter holding goes from 3,32,01,850 shares (35.09%) to 3,65,35,180 shares (37.29%) of the total issued capital.
Second quarter and half year performance
The consolidated revenue from operations was Rs. 8,022.50 lakhs for the quarter ended September 30, 2026, against Rs. 5,183.66 lakhs in the same quarter a year earlier, and Rs. 13,399.81 lakhs for the half year. Total income for the quarter was Rs. 8,242.96 lakhs. Profit for the period was Rs. 549.64 lakhs for the quarter (Rs. 175.32 lakhs in the year-earlier quarter) and Rs. 706.06 lakhs for the half year. Basic and diluted earnings per share were Rs. 0.60 for the quarter. Total assets stood at Rs. 87,558.19 lakhs as at September 30, 2026, against Rs. 64,398.42 lakhs as at March 31, 2026. Total equity was Rs. 21,637.63 lakhs against Rs. 18,566.54 lakhs.
From the notes to the results
- Of the IPO fresh issue proceeds of Rs. 12,737.90 lakhs (net of expenses), Rs. 9,969.67 lakhs had been utilised and Rs. 2,768.23 lakhs remained unutilised as at September 30, 2026; unutilised amounts are parked in the public monitoring account, public issue account and fixed deposits.
- The company had earlier allotted 1,00,000 secured, rated, listed, redeemable, non-cumulative, taxable, transferable NCDs of face value Rs. 10,000 each, aggregating Rs. 1,00,00,00,000.
- The group operates in a single reportable segment, renting and provision of co-working spaces.
What changes for the equity base
The conversion adds 33,33,330 new shares to the equity base and brings in the balance subscription money of Rs. 11,24,99,887.50, while promoter holding moves up from 35.09% to 37.29%. Separately, the board approval for NCDs covers fund raising of up to Rs. 300 crore through private placement, which would be borrowed money; the terms, price and timing are to be decided as per the update.
Also from Dev Accelerator
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Board clears NCD raise of up to Rs. 300 crore and allots 33,33,330 shares on warrant conversion
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More numbers
- Equity shares allotted on conversion of warrants33,33,330
- Issue price per convertible warrantRs. 45
- Premium per equity share on allotmentRs. 43/-
- Aggregate amount of warrants allotted in June 2026Rs. 14,99,99,850
- Balance 75% subscription amount receivedRs. 11,24,99,887.50/-
- NCD fund raising approved (aggregate)Rs. 300 [(Indian Rupees Three Hundred Crores Only)]
- Promoter holding after allotment (% of total issued capital)37.29
- Paid-up capital after allotment (number of shares)9,79,65,285
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