Share India shares jump 7% as company looks to acquire Silverleaf Capital Service

Shares of Share India Securities Ltd rose sharply during the trading session on Wednesday to hit its new 52-week high after the company announced that its board is considering to acquire up to 100 per cent stake in Silverleaf Capital Services by way of merger, share purchase or any other permitted modes of acquisition.

Incorporated in 2011, Silverleaf Capital Services operates in the financial services space. It is a capital market player involved in trading activities in the nature of high frequency trading. The company is based out of Mumbai and clocked a revenue of more than Rs 16.33.06 crore in FY23, Rs 9.03 crore in FY22; and Rs 11.81 crore in FY21.

Share India Securities is a tech-enabled financial services company, looking to add to its product portfolio, aid in diversifying revenue and expedite global expansion. The other terms and conditions pertaining to afore-mentioned proposed acquisition will be disclosed in due course of time, said the company in the exchange filing.

Shares of Share India Securities surged more than 7 per cent to Rs 1447.15, its new 52-week high, with a market capitalization of more than Rs 4,500 crore. The scrip had settled at Rs 1,350.30 on Tuesday.

"The proposed acquisition will enable both Share India and Silverleaf Capital Services to streamline their business activities resulting in economies of scale, better and more productive utilization of financial, human and other resources and enhancement of overall business efficiency," Share India further stated.

Silverleaf Capital Services has an authorized share capital of Rs 5 lakh and paid-up share capital of Rs 1.17 lakh. The acquisition does not fall within the ambit of related party transactions and none of the group companies has any interest in the above entity. None of the promoters or directors have any kind of interest in Silverleaf Capital Services.

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