Shares of IT service management company zoomed around 12 per cent on the back of news about stake selling. According to an exchange filing, the company has sold 5.45 per cent of its equity holding in Dev Accelerator (DevX).

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The secondary sale brings down DEV IT’s shareholding in DevX from 41.26 per cent to 35.81 per cent. 

As per the filing, Dev IT, an Ahmedabad-based IT Services & Products company, sold the stake in DevX at Rs 104 crore.

The sale will not only help unlock the valuation for shareholders of Dev IT but also  help the company invest in new age businesses like AI, ML amongst others for the growth of its core business. 

“Our  condary sale transaction in DevX shows the tremendous interest from investors in the business. This sale will allow us to not only unlock value for our shareholders but also provide significant cash flows in the company to expand new businesses which we have been investing in," Jaimin Shah, co-founder, Dev IT Limited, said in a statement.

"Our company recently acquired a block chain technology company to further its offering in this capability,” he added.

Shares of Dev IT zoomed 11.92 per cent to settle at Rs 125.80 apiece on NSE on Tuesday.

Dev IT was sstablished in 1997 and the company listed on exchanges in 2017. It co-promoted DevX in 2017 as a managed co-working space with 720 seats. As on 30 September, 2022 DevX has 8,000 seats running at 79 per cent capacity utilisation levels.