The Exchange has received the Disclosures of reasons for encumbrance by promoter of listed companies under Reg. 31(1) read with Regulation 28(3) of SEBI (SAST) Regulations, 2011 on June ....
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Promoters Gautam Udani and Raja Debnath of Veefin Solutions Ltd have created a new pledge on 57,53,618 shares (23.59% of total share capital) with Piramal Trusteeship Services Pvt Ltd on 16 June 2025. The encumbered shares represent 64.87% of the total promoter shareholding of 88,69,525 shares (36.36% of the company). The pledge is provided as collateral for a term loan of Rs 65 crore, with the pledged shares valued at approximately Rs 200 crore (a 3.08x coverage ratio). The loan proceeds are intended to be used by group companies Infini Systems Ltd and Nityo Tech Pvt Ltd to fund the acquisition of White Rivers Media Solutions Pvt Ltd, with a portion also marked for personal use by the promoters.
Over 64% of the promoters' stake is now pledged, raising leverage and concentration risk for shareholders. Since the borrowed money is being routed to promoter group entities rather than directly benefiting Veefin Solutions, retail investors should view this as a sign of promoter borrowing against their shares. The high 3.08x collateral cover offers some cushion, but a sharp drop in the share price could trigger margin calls or invocation risk.