Dev IT jumps 2.4% as board to take up fund-raising proposal

The board will meet on June 16 to consider proposals for raising funds through bonds, equity shares or other securities, the company has said

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Shares of Dev Information Technology rose 2.44 percent to Rs 132.50 in morning trade on June 14 after the company said its board would meet this week to consider proposals to raise funds through bonds, equity shares or other securities.

In a regulatory filing after market hours on June 13, the company said the board would meet on June 16 to evaluate proposals for raising funds by way of issue of “bonds/ debentures/ nonconvertible debt instruments/ securities and/or any other instruments/ equity shares/ any other securities including through preferential issue on a private placement basis, qualified institutions placement, rights issue or any other methods or combination thereof…”

The trading window for dealing in securities of the company has been closed for so-called connected persons, insiders, designated persons and their immediate relatives with effect from June 14 for 48 hours after the outcome of the board meeting.

The board meeting was earlier planned for June 7 but was cancelled due to “unforeseen and unavoidable circumstances”.

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Shares of Dev IT are up around 3 percent this year, though the 1-year return stands at 54 percent.

For the quarter ended March 2023, the company reported revenue of Rs 41.89 crore and net profit of Rs 2.41 crore.

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