Veefin Solutions Ltd, a global enterprise banking technology company, has initiated the process for migration of its equity shares from the SME platform of BSE to the mainboard of BSE and direct listing on the mainboard platform of NSE.
The company has submitted its Information Memorandum to BSE on Tuesday for migration and will also file an application for direct listing on NSE after receipt of requisite approval from BSE, in accordance with the applicable regulatory and exchange requirements.
The company got listed on BSE SME platform on July 5, 2023. Since its listing, Veefin has expanded its technology platform and product portfolio across multiple areas, including Supply Chain Finance, Trade Finance, Cash Management, Digital Banking, Loan Origination, Loan Management and Collections, among other capabilities.
The company has also expanded its ecosystem of financial institutions, technology partners and enterprise customers while increasing its presence across India and international markets including Asia, Africa and West Asia.
Veefin’s technology platforms are designed to enable banks, NBFCs, fintech companies, and corporate clients to digitise critical workflows across lending, transaction banking, working capital and financial services.
Raja Debnath, Chairman and Managing Director, Veefin Solutions, said the company has significantly expanded its product portfolio, customer ecosystem and international presence since listing on the SME platform.
The migration to mainboard reflects the evolution of Veefin as an enterprise banking technology company as it continues to build scalable technology platforms for financial institutions globally, he added.
Gautam Vijay Udani, Whole-Time Director, Veefin Solutions, said the company has made continuous investment in technology platforms, expansion into adjacent banking workflows and increasing adoption across markets.
The proposed migration to the mainboard of BSE and NSE is a significant step for the company and its stakeholders as it enters the next phase of growth journey, he added.
The Information Memorandum covers 2,55,39,417 fully paid-up equity shares of face value ₹10 each. No equity shares are proposed to be sold or offered pursuant to the Information Memorandum, said the company.