Dev IT Board Approves AGM, Dividend, Director Appointments, and ₹260 Cr in Related Party Transactions
Dev Information Technology Limited's Board approved the 29th AGM on Sept 30, 2026, and a final dividend of 5% (₹0.10/share). Key appointments include Jayesh Madhusudan Dave as Nominee Director and Bhawika Ogra as Independent Director, both effective Oct 1, 2026. Total related party transactions for FY 26-27 approved at ₹260 crore.
The appointment of new directors and the approval of significant related party transactions are material events that could impact the company's strategic direction and financial performance. The dividend declaration is also a positive factor for shareholders.
The announcement details positive corporate actions including the approval of the AGM, dividend declaration, and the appointment of new directors with significant experience. The approval of substantial related party transactions also indicates ongoing business activities and potential growth.
Dev Information Technology Limited announced the outcome of its Board Meeting held on September 3, 2026. The Board approved the Director's Report for the year ended March 31, 2026, and the notice for the 29th Annual General Meeting (AGM), which is scheduled to be held on Wednesday, September 30, 2026, at 4:00 PM via Video Conferencing (VC) or Other Audio Visual Means (OAVM).
The company has set Wednesday, September 23, 2026, as the cut-off date for e-voting and as the record date for the payment of a Final Dividend. The dividend is proposed at 5%, amounting to ₹0.10 per equity share for the Financial Year ended March 31, 2026.
Further, the Board has appointed M/s. Murtuza Mandorwala & Associates as the scrutinizer for the e-voting process. The remote e-voting facility will be available from Friday, September 25, 2026, to Tuesday, September 29, 2026, between 9:00 a.m. and 5:00 p.m.
In terms of appointments, the Board has recommended the appointment of Mr. Jayesh Madhusudan Dave as a Non-Executive, Non-Independent Nominee Director, representing M/s. Xduce Technologies Private Limited. This appointment is effective from October 1, 2026, subject to shareholder approval at the AGM. Mr. Dave brings extensive experience in building and scaling technology services businesses.
Additionally, Ms. Bhawika Ogra has been recommended for appointment as an Independent Non-Executive Director for a term of five consecutive years, commencing from October 1, 2026, up to October 1, 2031, also subject to shareholder approval. Ms. Ogra has a strong background in capital markets and financial services, with significant experience at the National Stock Exchange of India (NSE).
The Board also approved several material related party transactions for the Financial Year 2026-27, totaling ₹260 crore. These include: ₹60 crore with M/s Dev Info-Tech North America Limited (subsidiary), ₹50 crore with M/s Dhyey Consulting Services Private Limited (subsidiary), ₹50 crore with M/s Dynamics Stars LLC (step-down subsidiary), ₹100 crore with M/s. XDuce Corporation, and ₹60 crore with M/s Dhyey Consulting Services Private Limited (associate). These transactions are to be carried out on an arm's length basis.
A plain-language summary of a public exchange filing by Dev Information Technology Limited. Read the original for the full detail.