Veefin Solutions Ltd gets nod to raise Rs 48 crores through preferential issue

Veefin Solutions Limited (BSE scrip code: 543931), a global leader in Supply Chain Finance (SCF) in the country has got in-principal approval from the Bombay Stock Exchange Limited (BSE) for raising funds through the preferential issue route. The issue size to the tune of Rs 48 crores will be via mix of issuance of equity shares to non-promoters and convertible warrants to promoters on preferential basis.

The Company is proposing to issue 13,85,600 equity shares of Rs 10/- each and 420,000 warrants convertible into 420,000 equity shares of Rs 10/- each at a price not less than Rs 267.50/- to nonpromoters & promoters respectively by way of preferential issue.

The funds raised through the preferential issue will be utilized for the expenditure on global sales & marketing and development of new products.

Commenting on the development, Mr. Raja Debnath, Managing Director of Veefin Solutions said "We appreciate the faith instilled in us by our foreign and domestic investors who have increased their investments in the company through participation in this preferential issue. This capital will help fuel the next level of growth at Veefin."

Veefin Solutions is an undisputed leader in SCF & LOS solutions and has signed the maximum of Banks/NBFCs/Fintechs clients in the last 18 months. The company has witnessed a 300% increase in demand for its Supply Chain Finance solutions from Indian and global financial institutions in FY 2023-24. The company has a clientele with various private & public sector banks, new-age NBFCs, small finance banks, corporates & fintechs for deployment of their SCF solutions.

Shares of Veefin Solutions Limited was last trading in BSE at Rs. 299.95 as compared to the previous close of Rs. 315.70. The total number of shares traded during the day was 34400 in over 33 trades.

The stock hit an intraday high of Rs. 306.00 and intraday low of 299.95. The net turnover during the day was Rs. 10339040.00.

Source : Equity Bulls

Keywords

VeefinSolutions INE0Q0M01015 ITEnabledServices PreferentialIssue