Veefin Solutions initiated the process to migrate its equity shares from the BSE SME Platform to the Main Board of BSE Limited and proposed a direct listing on the National Stock Exchange of India Limited (NSE). The company submitted its Information Memorandum to BSE on September 8, 2026.

The filing covers 2,55,39,417 fully paid-up equity shares with a face value of ₹10 each. No new equity shares are proposed for sale or offer under this memorandum. The migration and listing remain subject to regulatory, statutory, and exchange approvals.

Strategic Evolution

The move marks a significant milestone since Veefin’s initial listing on the BSE SME Platform on July 5, 2023. The company has evolved from a focused financial technology platform into a broader enterprise banking software provider. Its product portfolio now spans Supply Chain Finance, Trade Finance, Cash Management, Digital Banking, Loan Origination, Loan Management, Collections, and Fraud & Risk Analytics.

Geographically, Veefin has expanded its presence across India, Asia, Africa, and the Middle East. The firm serves banks, NBFCs, fintech companies, and corporate clients, enabling them to digitize workflows in lending, transaction banking, and working capital.

Leadership Perspective

Raja Debnath, Co-founder and Managing Director, stated that the migration reflects the company’s evolution into an enterprise banking technology firm. He highlighted the expansion of the product portfolio, customer ecosystem, and international presence since the 2023 listing.

Gautam Vijay Udani, Whole-Time Director, noted that the journey has been defined by continuous investment in technology platforms and expansion into adjacent banking workflows. He described the proposed migration as a significant step for stakeholders as the company enters a new growth phase.

Regulatory Compliance

The disclosure was made pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. Veefin will file an application for direct listing on NSE after receiving requisite approval from BSE.

Veefin Solutions promoter Raja Debnath pledged 8,89,973 equity shares in favour of Kotak Mahindra Bank Limited on September 3, 2026. The transaction serves as collateral for a term loan.

The pledge represents 3.34% of the company’s total share capital. This disclosure was filed with the BSE SME Platform on September 7, 2026, in compliance with Regulation 31 of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

Pledge Details

Raja Debnath holds 74,83,311 shares, constituting 29.30% of the total share capital. Prior to this event, he had already encumbered 36,48,967 shares (13.69%). Following the new pledge, his total encumbered holding stands at 45,38,940 shares, or 17.03% of the total share capital.

Financial Implications

The pledged shares were valued at ₹21,07,45,606.40 based on a price of ₹236.8 per share. The amount involved against which the shares were encumbered is ₹30,00,00,000. This results in a security cover ratio of 0.70:1.

The disclosed end use for the borrowed amount includes reimbursement of expenses for creating long-term tangible or intangible assets, future capital expenditure, and addressing working capital or cash flow mismatches.

Promoter Holding Structure

As per the disclosure, the total promoter shareholding in Veefin Solutions is 88,69,525 shares, representing 34.73% of the total share capital. The combined encumbered shares for all promoters stand at 19.76% of the total share capital, which is 59.39% of the promoter shareholding.

• Gautam Udani holds 13,86,214 shares with 2.73% of share capital encumbered.
• Raja Debnath holds 74,83,311 shares with 17.03% of share capital encumbered.

What the Numbers Show

The pledge increases Raja Debnath’s encumbered stake from 13.69% to 17.03% of the total share capital. With over half (51.17%) of his personal holding now pledged, the promoter group’s overall encumbrance ratio rises to 59.39%. The security cover ratio of 0.70:1 indicates that the market value of the pledged shares covers 70% of the ₹30 crore debt obligation.