Share India Securities announce merger with Silverleaf Capital Services

Share India Securities Limited announced a significant development on March 18, 2024, as its Board of Directors approved the Scheme of Amalgamation of Silverleaf Capital Services Private Limited with the company.

Board of India Securities Limited has approved the incorporation of a subsidiary for stock broking in shares, commodities, currencies, and derivatives instruments – India Securities Ltd. has decided to invest Rs. 73 Lakhs in the subscription shares of the proposed subsidiary.

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In an exchange filing, Share India Securities stated:

“In furtherance to our previous announcement dated October 25, 2023 and pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘SEBI Listing Regulations’) read with Para A of Part A to Schedule III of the SEBI Listing Regulations, we wish to inform you that the Board of Directors of Share India Securities Limited (‘Company’), at its meeting held today, i.e., on March 18, 2024, has approved the Scheme of Amalgamation of Silverleaf Capital Services Private Limited with the Company under Sections 230 to 232 and any other applicable provisions, if any, of the Companies Act, 2013 read with Companies (Compromises, Arrangements and Amalgamations) Rules, 2016, the National Company Law Tribunal Rules, 2016, and the provisions of other laws, as may be applicable.”

The company further stated, “The Scheme of Amalgamation shall be subject to necessary statutory and regulatory approvals including the approval of the Stock Exchanges, Securities and Exchange Board of India, the National Company Law Tribunal, the Registrar, the Official Liquidator (as may be applicable) and/or such other competent authorities, as may be required under applicable law.”

The Proposed Merger of Silverleaf Capital Services Private Limited with Share India Securities is subject to necessary statutory and regulatory approvals. The Share India Securities shall soon file the requisite application under Regulation 37 of the Listing Regulations. As of March18 the share of Share India Securities surged 3% higher at ₹1,660.00