SIS Limited has increased its stake in Updater Services to 10% of the paid-up equity share capital following an open market acquisition.

The acquirer purchased 17,86,545 equity shares on September 4, 2026, representing a 2.67% addition to its holding. This transaction was disclosed under Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

Acquisition Details

Prior to this acquisition, SIS Limited held 49,10,768 shares, constituting 7.33% of the target company’s voting rights. The new purchase brings the total shareholding to 66,97,313 equity shares.

The mode of acquisition was specified as the open market. There were no encumbrances, pledges, or convertible securities involved in the transaction.

What the Numbers Show

The acquisition precisely positions SIS Limited at the 10% threshold of the paid-up equity capital. While the holding stands at 10.00% of the issued capital, it represents 9.84% of the diluted share capital, which accounts for outstanding stock options totaling 68,04,5783 equity shares (total diluted capital). This divergence highlights the impact of potential dilution from employee stock options on voting power concentration.

Updater Services concluded its 23rd Annual General Meeting on August 25, 2026, securing shareholder approval for its FY26 audited financial statements and the reappointment of key board members.

The meeting, held via video conferencing, saw participation from 47 members (8 promoter group and 39 public). The Board presented the financial results alongside director and auditor reports for adoption. All four resolutions placed before the shareholders were passed with the requisite majority.

Key Resolutions Passed

Shareholders approved several ordinary and special business items during the proceedings. The primary resolutions included:

• Adoption of the audited standalone and consolidated financial statements for FY26.
• Re-appointment of Mrs. Jigyasa Sharma as Executive Director, who was liable to retire by rotation.
• Re-appointment of Mr. Raghunandana Tangirala as Chairperson & Managing Director for a five-year term commencing January 1, 2027, and ending December 31, 2031.

Voting Analysis

The voting results reveal a divergence between promoter and institutional investor sentiment regarding management continuity. While the promoter group voted unanimously (100%) in favor of all resolutions, public institutions expressed notable dissent on the board appointments.

For the reappointment of Mrs. Jigyasa Sharma, 75.18% of votes from public institutions were cast against the resolution. Similarly, for Mr. Raghunandana Tangirala’s five-year term extension, 87.54% of institutional votes were opposed. Despite this significant institutional dissent, the resolutions passed due to the overwhelming support from the promoter group, which holds 39,563,155 shares, and retail investors.

Governance and Compliance

The meeting was declared open by Chairman Mr. Raghunandana Tangirala after confirming the requisite quorum was present. The Company Secretary informed members that the notice had been circulated via email and hosted on the company website and stock exchanges.

Members who had not cast their votes remotely were given a 15-minute window after the meeting's conclusion to vote via the National Securities Depository Limited e-voting system. Alagar & Associates LLP served as the scrutinizer to supervise the e-voting process. The total number of shareholders on the record date of August 19, 2026, was 47,979.

Management Commentary

During the meeting, the Chairman provided an overview of the company’s business timeline and segment-wise details. The Chief Financial Officer delivered the financial update, outlining the performance perspective for FY26. Senior management, including Senior Executive Director Mr. Amitabh Jaipuria and Group CFO Mr. Ram Praveen Radhakrishnan, addressed questions raised by members.