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.

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.