Veefin Solutions Ltd Share Price – BSE

IT - Software, Small Cap

Veefin Solutions will hold a meeting of the Board of Directors of the Company on 6 November 2023.

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Veefin Solutions announced that the 3rd Annual General Meeting (AGM) of the company will be held on 29 September 2023.

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Veefin Solutions will hold a meeting of the Board of Directors of the Company on 4 September 2023.

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The scrip was listed at Rs 86.05, at a premium of 4.94% to the issue price. The scrip hit a high of Rs 90.35 and a low of Rs 86.05. About 18.80 lakh shares of the company changed hands at the counter.

The initial public offer (IPO) of Veefin Solutions was subscribed 0.52 times. The issue opened for bidding 22 June 2023 and it closed on 26 June 2023. The IPO price was fixed at Rs 82 per share.

The IPO comprised fresh issue of 28,49,600 shares and an offer for sale (OFS) of 28,49,600 shares by existing shareholders. The promoter and promoter group shareholding diluted to 72.85% post IPO from 100% pre-IPO.

The company intends to utilize the net proceeds for global - sales and marketing expenditure, developing new products or enhancement and maintenance, upgrading or updating existing products and general corporate purpose.

Veefin Solutions is a digital lending and supply chain finance technology product solutions. It provides product solutions to wide range of clients globally, including banks, non-banking financial institutions, FinTech, marketplaces, and corporate. The company's technology product solutions are unique offering, which are designed with user-led approach, data and analytics, and built by experienced bankers for bankers. As on 30 April 2023, the company has around 161 employees, 145 on its payroll and 16 on contract basis to look after the day-today business operations, administrative, secretarial, legal and accounting functions in accordance with their respective designated duties.

The company recorded a revenue from operations of Rs 12.13 crore and net profit of Rs 35 crore for the period ended on 31 January 2023.

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