1. Issuance of 12,99,857 Equity Shares 2. Issuance of 11,12,820 Convertible Warrants
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Veefin Solutions' board approved issuance of 12,99,857 equity shares to non-promoter investors at Rs. 391 per share (including a Rs. 381 premium), raising about Rs. 50.82 crores. Separately, it approved issuance of 11,12,820 convertible warrants at Rs. 391 each to promoters and non-promoter shareholders, potentially raising up to Rs. 43.51 crores. Promoters Raja Debnath (3,58,974 warrants) and Gautam Udani (1,53,846 warrants) subscribed to warrants, while marquee non-promoters like SR Global Fund L.P., Piyush Avlani, and Shubhalakshmi Polyesters received equity shares. Each warrant requires 25% (Rs. 97.75) paid upfront, with the balance 75% payable within 18 months upon conversion to equity. A total of 55 investors are covered across the two instruments.
Combined, these preferential issues could bring in up to about Rs. 94.33 crores, strengthening the company's capital base. However, existing shareholders will face dilution from the new shares and any future conversion of warrants over the 18-month window.