Introduction:
IT company, through its subsidiary, acquired a 50% stake in Walnut AI Pte. Ltd. for USD 2 million. This strategic move enhances its revenue potential and fosters growth by leveraging Walnut AI’s extensive client base and innovation capabilities.
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Share price movement of Veefin Solutions:
On December 13, 2024, Veefin Solutions Ltd. opened at ₹689.90, up 0.64% from its previous close of ₹685.45. The stock reached a high of ₹750.00 (9.38%) and a low of ₹668.00. By 1:10 PM, it traded at ₹715.00, a 4.31% increase, with a market cap of ₹1,613.97 crore.
Veefin Solutions Acquires 50% Stake in Walnut AI:
Veefin Solutions Limited, through its subsidiary Estorifi Solutions Private Limited, acquired a 50% stake in Walnut AI Pte. Ltd. The acquisition includes 27,778 equity shares of SGD 9.54 each, totaling USD 2 million.
Walnut AI, an information technology firm based in Singapore, reported a turnover of SGD 1.17 million for 2023. The acquisition aims to enhance Veefin’s revenue streams by leveraging Walnut AI’s extensive client base across various regions, fostering growth and innovation.
The transaction, which does not involve any related party transactions, was completed for a cash consideration of USD 2 million. With this acquisition, Veefin strengthens its presence in the technology sector, creating synergies between both companies for future business opportunities.
Stock performance of Veefin Solutions for Period of 1 week, 6 months and 1 year:
Over the past week, Veefin Solutions Ltd. experienced a slight decline of 1.05%. However, the stock has shown impressive growth, increasing by 116% over the last six months and a remarkable 168% return over the past year, reflecting strong long-term performance.
Shareholding pattern of Veefin Solutions:
| All values in % | Sep 2024 | Mar 2024 |
| Promoter | 37.40% | 39.80% |
| FII | 1.60% | 0% |
| DII | 2.90% | 2.00% |
| Public | 58.10% | 58.20% |
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About Veefin Solutions:
Veefin Solutions Ltd (BSE: 543931) is a Mumbai-based company offering digital lending and supply chain finance technology solutions. Founded in 2020, it provides flexible, user-driven platforms for banks, NBFCs, and fintech companies, focusing on innovative financial products and scalable solutions.
Disclaimer: The above article is written for educational purposes, and the companies’ data mentioned in the article may change with respect to time The securities quoted are exemplary and are not recommendatory.
