Monitoring Agency Report

Dev Accelerator Limited C-01, The First Commercial Complex, 8/h Keshavbaug Party Plot, Nr. Shivalik High-street, Vastrapur, Ahmedabad-380015, Gujarat ~ +9174348 83388 I B connect@devx.work CIN: L74999GJ2020PLC115984 November 03, 2026 To, To BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers Exchange Plaza, Plot No. C/1, G Block, Dalal Street Bandra Kurla Complex, Bandra (East) Mumbai 400 001 Mumbai 400 051 Script Code: Trading Symbol: DEVX (Equity: 544513, Debt: 978033) Dear Sir/ Madam, Sub: Monitoring Agency Report in respect of the utilisation of the proceeds raised through the Preferential Issue by the Company for the quarter ended September 30, 2026. We hereby enclosing the Monitoring Agency Report, issued by Infomerics Valuation And Rating Limited, Monitoring Agency, in respect of utilization of proceeds raised through issuance of equity shares and convertible warrants through Preferential Issue by the Company, for the quarter ended September 30, 2026. The above information will also be available on the website of the Company viz. https://www.devx.work/investor-relations Request you to kindly take the same on record. Thanking you Yours faithfully, For Dev Accelerator Limited Anjan Trivedi Company Secretary & Compliance Officer Encl: As above Startup Accelerator Collaborative Corporate Innovation University Program Work Space Partnerships Collaboration www.devx.work lnfornerts Ratings • • • SEBI REGISTERED/ RBI ACCREDITED/ NSIC EMPANEllfD CREDIT RATING AGENCY Monitoring Agency Report for Dev Accelerator Limited for the quarter ended September 30, 2026 lnfornerts Ratings • • • SEBI REGISTERED/ RBI ACCREDITED/ NSIC EMPANEllfD CREDIT RATING AGENCY Monitoring Agency Report November 03, 2026 Dev Accelerator Limited C-01, The First Commercial Complex, behind Keshavbaug Party Plot, Vastrapur, Ahmedabad, Gujarat – 380015 Dear Sir, Monitoring Agency Report for the quarter ended September 30, 2026 - in relation to the Preferential Issue of Dev Accelerator Limited (“The Company”) We write in our capacity of Monitoring Agency for preferential issue/convertible warrants of equity shares for the amount aggregating to Rs. 35.00 crore of the Company and refer to our duties cast under 162A of the Securities & Exchange Board of India (Issue of Capital & Disclosure Requirements) Regulations, 2018 (SEBI ICDR Regulations). In this connection, we are enclosing the Monitoring Agency Report for the quarter ended Septemnber 30, 2026, as per aforesaid SEBI Regulations and Monitoring Agency Agreement dated 13th July 2026 Request you to kindly take the same on records. Thanking you, For and on behalf of Infomerics Valuation and Rating Limited Mithun Vyas (Associate Director - Ratings) Mihun.Vyas@infomerics.com lnfornerts Ratings • • • SEBI REGISTERED/ RBI ACCREDITED/ NSIC EMPANEllfD CREDIT RATING AGENCY Report of the Monitoring Agency Name of the Issuer: Dev Accelerator Limited For quarter ended: September 30, 2026 Name of the Monitoring Agency: Infomerics Valuation and Rating Limited (a) Deviation from the objects: Nil (b) Range of Deviation: Not Applicable Declaration: We declare that this report provides an objective view of the utilization of the issue proceeds in relation to the objects of the issue based on the information provided by the Issuer and information obtained from sources believed by it to be accurate and reliable. The MA does not perform an audit and undertakes no independent verification of any information/ certifications/ statements it receives. This Report is not intended to create any legally binding obligations on the MA which accepts no responsibility, whatsoever, for loss or damage from the use of the said information. The views and opinions expressed herein do not constitute the opinion of MA to deal in any security of the Issuer in any manner whatsoever. Nothing mentioned in this report is intended to or should be construed as creating a fiduciary relationship between the MA and any issuer or between the agency and any user of this report. The MA and its affiliates also do not act as an expert as defined under Section 2(38) of the Companies Act, 2013. The MA or its affiliates may have credit rating or other commercial transactions with the entity to which the report pertains and may receive separate compensation for its ratings and certain credit-related analyses. We declare that we do not have any direct / indirect interest in or relationship with the issuer/promoters/directors/management and also confirm that we do not perceive any conflict of interest in such relationship / interest while monitoring and reporting the utilization of issue proceeds by the issuer. We further declare that this report provides true and fair view of the utilization of issue proceeds. lnfornerts Ratings • • • SEBI REGISTERED/ RBI ACCREDITED/ NSIC EMPANEllfD CREDIT RATING AGENCY Signature: Name of the Authorized Person / Signing Authority: Mithun Vyas Designation of Authorized person / Signing Authority: Associate Director - Ratings Seal of the Monitoring Agency: Date: November 03, 2026 lnfornerts Ratings • • • SEBI REGISTERED/ RBI ACCREDITED/ NSIC EMPANEU£D CREDIT RATING AGENCY 1) Issuer Details: Name of the issuer: Dev Accelerator Limited Names of the promoters of the issuer: Parth Naimeshbhai Shah Umesh Satishkumar Uttamchandani Rushit Shardulkumar Shah Jaimin Jagdishbhai Shah Pranav Niranjan Pandya Amisha Jaimin Shah Kruti Pranav Pandya Industry/sector to which it belongs: The Company is one of the flex space operators in terms of operational flex stock. The company provides comprehensive office space solutions including sourcing office spaces, customising designs, developing spaces and providing technology solutions to providing complete asset management. 2) Issue Details: Issue Period: June 11, 2026, to June 15, 2026 Type of issue (public/rights): Preferential Issue Type of specified securities: Equity shares/Convertible Warrants Grading: Not Applicable Issue size (Rs in Crores): Rs. 35.00 crores (Note No. 1) lnfornerts Ratings • • • SEBI REGISTERED/ RBI ACCREDITED/ NSIC EMPANEU£D CREDIT RATING AGENCY Note 1 In Q1FY27, the company issued 44,44,440 Equity Shares at an issue price of Rs. 45.00 (including a premium of Rs. 43.00) aggregating to Rs. Rs 20.00 crore and convertible 33,33,330 warrants at Rs. 45 per warrant (25% Payable upfront) and balance 75% money to be received on exercise of warrants in one or more tranches. Warrants to be exercised within 18 months from allotment. There was no exercise warrant in Q2FY27. Hence no amount was received in Q2FY27. Particulars Amount as per the Prospectus (Rs. in crore) Total Proceeds Received from Preferential Issue and Exercise of Warrants 23.75* Less: Issue Related to Expenses 0.00 Net Proceeds Available for Utilization 23.75 Comment-The Company allotted 44,44,440 equity shares at an issue price of ₹45 per share (including a premium of ₹43 per share), aggregating to ₹20.00 crore, and 33,33,330 convertible warrants at an issue price of ₹45 per warrant., 25% of the warrant issue price was received upfront, while the balance 75% is payable upon exercise of the warrants. The warrants are convertible into an equivalent number of equity shares and may be exercised in one or more tranches within 18 months from the date of allotment. There was no exercise warrant in Q2FY27. Hence no amount was received in Q2FY27 * Infomerics Ratings shall be monitoring the Gross Proceeds lnfornerts Ratings • • • SEBI REGISTERED/ RBI ACCREDITED/ NSIC EMPANEU£D CREDIT RATING AGENCY 3) Details of the arrangement made to ensure the monitoring of issue proceeds: Source of information / Comments of certifications considered by Comments of Monitoring Particulars Reply Board of Monitoring Agency for Agency Directors preparation of report Whether all the utilization is as per disclosure Bank Statement, CA Nil No comments in Offer Certificate*, LOI, ledgers, Document? Yes Management Declaration No material Whether S [Showing first 8,000 characters — download PDF for full document]