Dev Information Technology trades jubilantly on selling 5.45% stake in Dev Accelerator
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Dev Information Technology is currently trading at Rs. 125.05, up by 14.50 points or 13.12% from its previous closing of Rs. 110.55 on the BSE.
The scrip opened at Rs. 127.00 and has touched a high and low of Rs. 132.65 and Rs. 121.05 respectively. So far 20943 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 5 has touched a 52 week high of Rs. 143.90 on 28-Nov-2022 and a 52 week low of Rs. 51.53 on 04-Mar-2022.
Last one week high and low of the scrip stood at Rs. 132.65 and Rs. 90.00 respectively. The current market cap of the company is Rs. 271.73 crore.
The promoters holding in the company stood at 68.06%, while Institutions and Non-Institutions held 1.81% and 30.12% respectively.
Dev Information Technology (Dev IT) has sold 5.45% of its equity holding in Dev Accelerator (DevX), a Managed Co-Working Space business, at a valuation of Rs 104 crore. Dev IT co-promoted ‘DevX’ in the year 2017 as a managed co-working space with 720 seats. As on September 30, 2022 DevX has 8,000 seats running at 79% capacity utilization levels. Since its inception DevX has seen a significant interest of investors to invest and participate in the growth of this business.
This secondary sale will bring down DEV IT’s shareholding in DevX from 41.26% to 35.81%. This will not only help unlock the valuation for shareholders of Dev IT but also help the company invest in new age business like Blockchain, AI, ML amongst others for the growth of its core business.
Dev Information Technology is mainly engaged in business of automation software development.
