BSE SME-listed Veefin Solutions has received board approval to raise up to ₹35 crore through the issuance of non-convertible debentures (NCDs), the company announced in a filing. The planned fundraise will involve issuing up to 3.5 lakh NCDs with a face value of ₹1,000 each. This marks Veefin's second capital raise since its SME listing in 2023, following a ₹94 crore equity and convertible warrants raise last year, according to inc42.com.
The company stated that the debt will be issued in one or more tranches or series via private placement. Veefin's board has authorised certain undisclosed persons to determine and finalise the terms and conditions of the fundraise. This approval came shortly after shareholders voted unanimously in favour of the company’s plan to migrate from the BSE SME platform to the mainboard, a move that signals growth in scale and financial performance, inc42.com reported.
The migration from the SME platform to the mainboard is a significant step for Veefin, reflecting its expansion and readiness to operate on a larger scale. SME platforms cater to smaller companies, while mainboard listings typically indicate a company's maturity and ability to meet more stringent regulatory and financial requirements. Veefin's previous ₹94 crore fundraise through equity shares and convertible warrants last year further underscores its growth trajectory, per inc42.com.
Veefin Solutions’ shareholders, numbering 1.1 crore, approved the mainboard listing plan, which is now pending clearance from stock exchanges. The company’s decision to raise ₹35 crore via NCDs is expected to support its growth initiatives ahead of this transition, inc42.com noted.