1. Issuance of 12,99,857 equity shares. 2. Issuance of 11,12,820 Convertible Warrants.
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Veefin Solutions' board approved increasing authorised share capital from Rs. 25 crore to Rs. 30 crore (additional 50 lakh equity shares of Rs. 10 each), subject to shareholder approval at an upcoming EGM. The company will issue 12,99,857 equity shares at Rs. 390 per share (a premium of Rs. 380 over face value) to non-promoter investors on a preferential basis, raising approximately Rs. 50.69 crore. Additionally, 11,12,820 convertible warrants will be issued at Rs. 390 each to promoters and non-promoters, potentially raising another Rs. 43.40 crore. Warrants require a 25% upfront payment (Rs. 97.5) with the balance of Rs. 292.5 payable within 18 months upon conversion. Notable participation includes SR Global Fund L.P. (PAN-Asia Select Portfolio) subscribing Rs. 5.85 crore worth of equity shares, while promoters Raja Debnath and Gautam Udani are taking warrants worth Rs. 14 crore and Rs. 6 crore respectively. Total potential capital raise is around Rs. 94 crore, all subject to shareholder and regulatory approvals.
The combined equity shares and full warrant conversion could meaningfully dilute existing shareholders, but the fundraise strengthens the company's balance sheet. Promoter participation in warrants signals confidence in the company's growth prospects.