Veefin Solutions Limited promoter Raja Debnath created a pledge on 25,69,171 shares, representing 9.64% of the company's total share capital, to Axis Trustee Services Limited. The transaction, dated September 18, 2026, serves as collateral for debt availed by the company's step-down subsidiary, Nityo Tech Private Limited.

The disclosure was filed with the BSE SME Platform under Regulation 31(1) and 31(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The pledgee, Axis Trustee Services Limited, is a SEBI-registered debenture trustee and a wholly owned subsidiary of Axis Bank Limited. The encumbrance relates to unrated, unlisted, secured, redeemable Non-Convertible Debentures (NCDs) issued by Nityo Tech Private Limited.

Encumbrance Details

The following table outlines the specific details of the pledge creation:

Post-Event Shareholding Status

Following this transaction, Raja Debnath's total encumbered holding has increased significantly. Prior to this event, his already encumbered shares stood at 45,38,940 (17.03%). The new pledge brings the total number of his shares under encumbrance to 71,08,111, which constitutes 26.67% of the total share capital.

The total promoter shareholding in Veefin Solutions stands at 88,69,525 shares, or 34.73% of the total share capital. With this new pledge, the aggregate encumbered shares held by promoters (Raja Debnath and Gautam Udani) account for 95.26% of the total promoter shareholding.

Security Cover and Debt Structure

The security cover ratio for this specific tranche is 1.61:1. This is calculated based on the value of the pledged shares against the amount involved in the current transaction.

The value of the shares was derived by multiplying the number of pledged shares by the share price of ₹282.86 on the date of the event. The borrowed amount is intended for working capital purposes, general corporate purposes, capex, debt refinancing of the borrower, or buyout of business from Infini Systems Limited by Nityo Tech Private Limited.

What the Numbers Show

The data reveals a high concentration of promoter risk. While Raja Debnath holds 29.30% of the company directly, 80.14% of his personal shareholding is now encumbered. When combined with co-promoter Gautam Udani’s encumbered stake, nearly 95% of the entire promoter block is pledged. This leaves minimal unencumbered equity buffer for the promoters should market volatility trigger margin calls or if the underlying debt instruments face stress.

Veefin Solutions received in-principle approval from the Bombay Stock Exchange on September 11, 2026, to migrate its equity shares from the SME Platform to the Mainboard. The company notified the exchange of the development in a letter dated September 21, 2026.

The Internal Regulatory Oversight and Review Group (IRORG) of BSE granted the approval after reviewing the company's application submitted on September 8, 2026. The exchange confirmed that Veefin Solutions met eligibility criteria under the applicable migration framework.

Listing Formalities

The company must complete several regulatory steps before trading begins on the Mainboard. These requirements include:

• Submission of a formal application for listing equity shares.
• Filing a Final Information Memorandum certified by the Managing Director or Company Secretary.
• Execution of the Listing Agreement and compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
• Submission of the latest shareholding pattern and financial results as per Regulation 33 of SEBI LODR.
• Payment of initial and annual listing fees along with applicable taxes.

Validity and Governance

The in-principle approval remains valid for 45 days from the date of the letter. Any request for extension will be considered based on exchange requirements. Upon migration, all provisions of the SEBI LODR Regulations, including corporate governance norms, will apply from the commencement of trading.

Gautam Vijay Udani, Whole-Time Director, signed the intimation letter to the exchange.