Monitoring Agency Report

August 12, 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: 544513 Trading Symbol: DEVX 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 June 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 June 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 (Formerly known as Dev Accelerator Private Limited) Anjan Trivedi Company Secretary & Compliance Officer Encl: As above Monitoring Agency Report for Dev Accelerator Limited for the quarter ended June 30, 2026 Monitoring Agency Report August 12, 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 June 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 June 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 Digitally signed by MITHUN VYAS Date: 2026.08.12 13:37:04 +05'30' Mithun Vyas (Associate Director - Ratings) Mihun.Vyas@infomerics.com Report of the Monitoring Agency Name of the Issuer: Dev Accelerator Limited For quarter ended: June 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. MITHUN VYAS Digitally signed by MITHUN VYAS Date: 2026.08.12 13:37:31 +05'30' 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: August 12, 2026 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) 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. 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 Shareholder approval is obtained in deviations from case of material deviations from expenditures objects disclosed in No material deviations from No comments disclosed in Offer Postal Ballot Notice objects disclosed in Postal Document? and PAS-4 Not available Ballot Notice and PAS-4 As confirmed by the Whether means of finance for disclosed management in No comments objects of the Issue has changed? No No change in Q1FY27 management declaration Any major deviation observed over the earlier Not Applicable Not applicable Not Applicable No comments monitoring agency reports? Whether all Government / Statutory approvals As confirmed by the Yes Nil No comments related to the object(s) obtained? Issuer’s management Whether all arrangements pertaining to technical Not Applicable Not applicable Not Applicable No comments assistance/collaboration in operation? Any favourable events improving object(s) Nil Not applicable Nil No comments viability Any unfavourable events affecting object(s) Nil. Not applicable Nil No comments viability Any other relevant information that may materially affect the decision making of the Nil Not applicable Nil No comments investors * The utilization of Preferential issue proceeds during the Q1FY27 has been verified by a peer reviewed firm M/s Nirmal Jain & Co.; Chartered Accountants (FRN-0000606N) vide its CA certificate dated August 11, 2026. The utilization of preferential issue proceeds is in compliance with the prescribed purposes as mentioned in the as mentioned in the offer document. ^ Material Deviation would mean a) deviation in the objects or purposes for which the funds have been raised b) deviation in the amount of funds utilized by more than 10% of the amount projected in the offer document 3) Details of object(s)s to be monitored: (i) Cost [Showing first 8,000 characters — download PDF for full document]