Veefin Solutions promoter Gautam Udani has pledged 6,12,647 shares as collateral for a ₹45 crore debt facility. The encumbrance was created on September 9, 2026, to secure loans availed by the company’s step-down subsidiary, Nityo Tech Private Limited.

The transaction involves an unrated, unlisted, secured, and redeemable Non-Convertible Debenture (NCD) issued by Nityo Tech. Axis Trustee Services Limited, a SEBI-registered debenture trustee and wholly owned subsidiary of Axis Bank Limited, holds the pledge in favor of the lenders.

Pledge Details

The pledged shares represent 2.30% of Veefin Solutions’ total share capital. Based on the share price of ₹282.86 on the date of the event, the market value of the encumbered stake stands at ₹17.33 crore.

Udani’s total holding in the listed entity remains at 13,86,214 shares (5.43% of total capital). Post this transaction, his total encumbered holding rises to 13,41,414 shares, which constitutes 5.03% of the total share capital.

Use of Proceeds

The borrowed amount is designated for working capital purposes, general corporate purposes, capital expenditure, debt refinancing, and the buyout of business from Infini Systems Limited by Nityo Tech. Infini Systems is identified as a subsidiary of Veefin Solutions, while Nityo Tech operates as a step-down subsidiary.

What the Numbers Show

The security cover ratio for this transaction is 0.39:1, calculated against the ₹45 crore debt amount. This indicates that the market value of the pledged equity provides limited cushion relative to the principal secured, highlighting a leverage structure where the subsidiary’s debt obligations are backed by a relatively small portion of the parent promoter’s equity value.

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.