On June 14, 2024, Veefin Solutions Limited acquired a 51.31% stake in Estorifi Solutions Private Limited, a group company. This stake comprises 10,526 equity shares priced at Rs. 58 each (inclusive of a Rs. 48 premium) in Estorifi Solutions Private Limited. Following this acquisition, Estorifi Solutions Private Limited (ESPL) now qualifies as a subsidiary company of Veefin Solutions Limited, as ESPL is considered a related party of the company.
This acquisition serves as a catalyst for expanding business horizons both domestically and internationally. The scope of operations will span the development, provision, marketing, and distribution of computer software solutions across various sectors including Web Content Development, Security Solutions, Revenue Accounting, Data Digitization, Back Office Operations, and Financial Institutions.
Additionally, the acquisition facilitates the provision of management consultancy services in fields such as E-commerce, Computer Software and Hardware Development, as well as Training & Manufacturing of Computer Hardware and Software products. The cost of acquisition, or the price at which the shares were acquired, amounted to Rs. 6,10,508.
ESPL, a private limited Company affiliated with Veefin Solutions Limited, specializes in software services. Its turnover over the last three years reflects a significant growth trajectory: Rs. 13,45,200 as of March 31, 2023, Rs. 36,975 as of March 31, 2022, and Rs. 1,74,745 as of March 31, 2021.