Veefin Solutions Limited promoter Raja Debnath has created a pledge on 25,69,171 equity shares of the company. This encumbrance serves as collateral for debt availed by the company's step-down subsidiary, Nityo Tech Private Limited.

The disclosure was submitted to the BSE SME Platform under Regulation 31(1) and 31(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The pledge was created on September 18, 2026, in favor of Axis Trustee Services Limited, acting as the debenture trustee for Stride Ventures Debt Fund 4. This follows a previous pledge by promoter Gautam Udani on September 9, 2026.

Pledge Details and Security Cover

The pledge covers unrated, unlisted, secured redeemable Non-Convertible Debentures (NCDs) issued by Nityo Tech Private Limited. The total amount involved in the transaction against which the shares are encumbered is ₹45 crore. The value of the pledged shares on the date of the event was calculated at ₹72.67 crore, based on a share price of ₹282.86.

Impact on Promoter Holding

Following this creation of encumbrance, Raja Debnath’s total pledged holding stands at 71,08,111 shares, representing 26.67% of the total share capital. His overall promoter holding, including shares underlying outstanding warrants, is 78,42,285 shares or 27.77% of the diluted share capital.

The combined promoter group holding (Gautam Udani and Raja Debnath) is 88,69,525 shares, constituting 34.73% of the total share capital. Of this, 31.70% of the total share capital is currently encumbered, which amounts to 95.26% of the total promoter shareholding.

What the Numbers Show

The security cover ratio for Raja Debnath's pledge is 1.61:1, indicating that the value of his pledged shares exceeds the debt amount of ₹45 crore. However, when combined with Gautam Udani’s earlier pledge (security cover 0.39:1), the aggregate encumbrance now covers 95.26% of the total promoter shareholding. This near-total encumbrance leaves the promoters with minimal unencumbered equity to offer as collateral for future financing needs without triggering significant dilution risks or regulatory thresholds.

Veefin Solutions Limited concluded its 6th Annual General Meeting on September 29, 2026, held entirely via video conference and other audio-visual means. A total of 43 members attended the virtual session, which commenced at 5:30 pm and concluded at 5:50 pm.

The meeting was conducted in compliance with Ministry of Corporate Affairs and SEBI circulars permitting virtual assemblies. The deemed venue was the company's registered office in Mumbai. Due to the virtual format, the facility for appointing proxies was not provided, and no proxies were present. The quorum remained present throughout the proceedings.

Board attendance and management

Ten directors participated in the meeting from various global locations, reflecting the company's international footprint. Key attendees included Raja Debnath (Chairperson and Managing Director) joining from the USA, and Gautam Udani (Whole Time Director and COO) from Mumbai. Other non-executive and independent directors joined from locations including the UAE, Dubai, Kolkata, and Mumbai.

Management representatives included Payal Maisheri, Chief Financial Officer, who briefed members on the previous year's performance, and Urja Thakkar, Company Secretary and Compliance Officer, who managed the procedural aspects of the virtual meeting. M/s ADV & Associates served as statutory auditors, while M/s Maharshi Ganatra & Associates acted as scrutinizers.

Key resolutions transacted

Shareholders considered and adopted the audited standalone and consolidated financial statements for FY26. The meeting also addressed several governance and operational matters, including the re-appointment of Ajay Rajendran as director by rotation.

A significant portion of the agenda focused on financial authorizations and related party transactions:

• Approval of increase in borrowing limits under Section 180(1)(c) of the Companies Act, 2013.
• Authorization for loans, guarantees, or securities for subsidiaries under Sections 185 and 186.
• Increase in aggregate employee stock options under the 'Veefin - Employee Stock Option Plan 2023'.

Material related party transactions

The AGM sought approval for numerous material related party transactions involving the parent company and its subsidiaries, including Estorifi Solutions Limited, Infini Systems Limited, Veefin Capital Private Limited, FE Ventures Private Limited, White Rivers Media Solutions Private Limited, Nityo Tech Private Limited, and GlobeTF Solutions Limited.

Specific approvals included transactions between the company and its Managing Director Raja Debnath, Whole Time Director Gautam Udani, and various subsidiary entities. Additionally, shareholders approved the sale or transfer of shares of White Rivers Media Solutions Private Limited held by Nityo Tech Private Limited to Infini Systems Limited.

Voting and conclusion

Since the meeting was held virtually, physical voting was not available. Members who had not voted through remote e-voting were enabled to vote electronically during the meeting, with the facility closing 30 minutes after the conclusion. Voting results will be declared separately on the company website and stock exchange platforms.