The Exchange has received revised Disclosure under Regulation 31(1) and 31(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 on July 10, 2025 for Gautam Udani & Raja Debnath
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Promoters Gautam Udani and Raja Debnath of Veefin Solutions Ltd have created a pledge on their shares as collateral for a term loan from Piramal Finance Limited (held via Piramal Trusteeship Services). A total of 57,53,618 shares (23.59% of total share capital) have been pledged, comprising 9,13,422 shares by Gautam Udani (3.74%) and 48,40,196 shares by Raja Debnath (19.84%). The encumbered shares represent 64.87% of the promoters' combined shareholding of 36.36% in the company. The loan amount of ₹65 crore was raised against shares valued at approximately ₹200 crore (a 3.08x cover). The borrowed funds will be used for acquisition of shares of White Rivers Media Solutions Private Limited by group companies Infini Systems Limited and Nityo Tech Private Limited.
With nearly 65% of promoter holdings now pledged, there is heightened risk if share prices decline sharply, as the loan has a 3.08x cover. However, the fund usage is strategic (acquisition activity within promoter-related group companies), and the loan appears well-secured for now.