Share India Securities Limited approves 863-for-1,000 merger

On November 6, 2026, Share India Securities Limited approved a proposed all-share amalgamation with Ace Alpha Tech Limited that would issue 863 shares for every 1,000 Ace Alpha Tech shares and raise total equity shares to 238,085,251, subject to regulatory and tribunal approvals.

What will Share India Securities issue for Ace Alpha Tech shares?

Share India Securities will issue 863 fully paid equity shares with a face value of Rs 2 each for every 1,000 fully paid Ace Alpha Tech equity shares with a face value of Rs 10 each. The board approved this share-exchange ratio on November 6, 2026, under the proposed scheme of amalgamation, with no cash consideration specified for the transaction.

Fractional entitlements from the issue will be aggregated and held by a trust nominated by the Share India Securities board. The trust must sell the resulting shares in the market within 90 days of allotment, while Share India Securities must submit certification from its audit committee and independent directors to the designated stock exchange within seven days after eligible shareholders are compensated.

Why is Share India Securities merging with Ace Alpha Tech?

Share India Securities said the transaction would combine Ace Alpha Tech's technology-driven financial-market operations with its capital-markets and financial-services platform. Ace Alpha Tech develops customised trading software with advanced algorithms, including systems that connect with order management systems, or OMS, and risk management systems, or RMS.

Ace Alpha Tech also provides back-testing, simulated trading environments and technology support, and undertakes trading, dealing and investment in securities and financial instruments on its own account. Share India Securities operates stock and commodity broking, equity and currency derivatives broking, proprietary trading, depository participant services, portfolio management, research and mutual-fund distribution, alongside automated and algorithmic trading systems.

The boards said the proposed consolidation is intended to put these activities under one corporate entity, allowing more coordinated deployment of technology, financial and managerial resources. The filing does not quantify cost savings or set a financial synergy target, but says the combined business may improve the development and deployment of technology-enabled trading solutions, subject to applicable regulatory requirements.

How do Ace Alpha Tech and Share India Securities compare financially?

Ace Alpha Tech reported net worth of Rs 81.4999 crore at September 30, 2026, compared with Rs 69.3535 crore at March 31, 2026. Its reserve and surplus, excluding other comprehensive income, rose to Rs 63.9417 crore from Rs 51.7953 crore, while paid-up share capital remained Rs 17.5582 crore on both reporting dates.

The following figures compare Ace Alpha Tech's unaudited period ended September 30, 2026 with restated financial statements for the year ended March 31, 2026. Total income and profit after tax, or PAT, cover periods of different lengths and therefore do not provide a like-for-like growth comparison.

Share India Securities reported consolidated net worth of Rs 2,788.9004 crore at September 30, 2026, versus Rs 2,577.6433 crore at March 31, 2026, while paid-up share capital stayed at Rs 43.7651 crore. Consolidated PAT was Rs 234.8835 crore for the period ended September 30, 2026, compared with Rs 324.4416 crore for the full year ended March 31, 2026.

On the same September 30, 2026 reporting basis, Share India Securities' consolidated total income of Rs 849.9494 crore exceeded standalone total income of Rs 669.2087 crore. Consolidated net worth of Rs 2,788.9004 crore was also above standalone net worth of Rs 2,338.0393 crore, showing the reported scale difference between the two reporting bases.

How will the merger change Share India Securities ownership?

The scheme would increase Share India Securities' outstanding equity shares by 14,857,721, from 223,227,530 shares as of September 30, 2026 to 238,085,251 shares after amalgamation. The proposed increase reflects the new shares to be allotted to eligible Ace Alpha Tech shareholders under the 863-for-1,000 exchange ratio.

Promoter and promoter-group holdings would increase in number to 109,415,270 shares from 106,385,244 shares, but their ownership percentage would fall to 45.96% from 47.66%. Public shareholders would hold 128,669,981 shares, or 54.04%, after the scheme, compared with 116,842,286 shares, or 52.34%, before it.

Non-promoter non-public holdings are shown as zero before and after the proposed amalgamation. Share India Securities said the scheme is not a related-party transaction because Ace Alpha Tech was not a related party on the transaction date, although certain members of its promoter and promoter group hold Ace Alpha Tech equity shares.

What approvals does Share India Securities need before completion?

Share India Securities requires approvals from the stock exchanges, the Securities and Exchange Board of India, or SEBI, the National Company Law Tribunal, the Registrar and, where applicable, the Official Liquidator and other competent authorities. The scheme is proposed under Sections 230 to 232 of the Companies Act, 2013, and the company said it will file its Regulation 37 application in due course.

The November 6, 2026 board meeting began at 4:34 p.m. and ended at 4:53 p.m., approving the proposed scheme rather than completing it. No effective date or share-allotment date was disclosed, because the transaction remains conditional on statutory, regulatory and other approvals.

Conclusion

The proposed amalgamation would place Ace Alpha Tech's automated-trading technology, OMS and RMS integrations, and trading-solution capabilities within Share India Securities' wider financial-services business. Its direct ownership effect would be a 14,857,721-share increase in equity capital, with promoter-group ownership declining by 1.70 percentage points to 45.96% and public ownership rising to 54.04%.

The next disclosed step is Share India Securities' planned Regulation 37 application, followed by reviews from the stock exchanges, SEBI and the National Company Law Tribunal. If the scheme becomes effective, investors can watch for the allotment under the 863-for-1,000 ratio and the trust's sale of fractional-entitlement shares within 90 days of allotment.