Veefin Solutions Limited announced that the Board of Directors of the Company in its meeting held on July 04, 2024, have inter-alia considered and approved the intent of incorporation of a Subsidiary Company in India. Proposed Name: Veefin Financial Solutions Private Limited (VFSPL) or such other name as may be approved by the Board and Ministry of Corporate Affairs. Authorised Capital: INR 2,500,000/- divided into 250,000 equity shares of INR 10 each.

Paid up Capital: INR 1,000,000/- divided into 100,000 equity shares of INR 10 each. VFSPL would be a Subsidiary Company and once incorporated will be a related party of the Company. The transactions, if any, with the subsidiary shall be at an arm's length basis.

The company intends to structure receivables of various corporates for financing through the PTC route. Thus, is establishing a non- banking financial company (NBFC). VFSPL is proposed to be incorporated with a paid-up capital of INR 1,000,000/- divided into 100,000 equity shares of INR 10 each fully paid-up in cash.