Share India Securities Limited has partially redeemed its Series A and Second Issue non-convertible debentures (NCDs). The company completed the payments on September 10, 2026, reducing the face value of the outstanding instruments.

This partial redemption follows a previous disclosure regarding an early redemption of ₹68.65 crore for Series A and Series B NCDs scheduled for September 30, 2026. The current action involves a reduction in the face value per debenture rather than a full principal repayment.

Redemption Details

The company redeemed portions of two specific NCD series issued via private placement. The payments were processed at 1:09 pm on September 10, 2026.

Regulatory Context

The disclosure was made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This action is distinct from the earlier intimation issued on July 31, 2026, and August 25, 2026, which concerned the full early redemption of Series A and Series B NCDs aggregating ₹68.65 crore.

The Series A NCDs involved in this partial redemption (ISIN: INE932X07023) are the same series mentioned in the upcoming September 30, 2026, full redemption plan. The face value reduction from ₹50,000 to ₹37,500 aligns with the post-redemption structure noted in the broader debt management strategy.

The National Company Law Tribunal (NCLT) Ahmedabad Bench has sanctioned the scheme of amalgamation between Silverleaf Capital Services Private Limited and Share India Securities Limited. The order, received on September 7, 2026, makes the merger effective from the appointed date of October 1, 2023.

The tribunal approved the merger following requisite approvals from equity shareholders, unsecured creditors, non-convertible debenture holders, and secured creditors of both entities. The scheme involves the dissolution of Silverleaf Capital without winding up, transferring all its assets and liabilities to Share India Securities.

Financial Profile

The financial data disclosed in the tribunal filing highlights the scale disparity between the two entities. Share India Securities reported significantly higher operational metrics compared to the transferor company.

What the Numbers Show

Silverleaf Capital Services experienced a sharp reversal in profitability during FY25. The company swung from a profit before tax of ₹6,68,92,126 in FY24 to a loss of ₹41,41,674 in FY25. This deterioration occurred despite revenue from operations remaining relatively stable at approximately ₹31.6 crore in both periods. In contrast, Share India Securities saw its profit before tax contract by roughly 19% year-on-year, falling from ₹39,622.43 lakh in FY24 to ₹31,983.27 lakh in FY25.

Merger Rationale and Terms

The companies cited business synergy and technology consolidation as primary drivers for the merger. Silverleaf operates in high-frequency trading using machine learning and AI techniques, while Share India Securities is engaged in stock broking, portfolio management, and research analysis. The combined entity aims to pool physical, financial, and human resources to enhance operational efficiency.

Under the approved scheme, Share India Securities will issue 500 equity shares of ₹2 each for every one equity share of ₹10 held by Silverleaf shareholders. The valuation report recommending this exchange ratio was issued on March 18, 2024.

Regulatory Compliance

The NCLT noted objections from the Regional Director regarding the two-year gap between the appointed date and the filing of the company application. The tribunal directed Share India Securities to comply with all observations from stock exchanges and statutory authorities. The Income Tax Department confirmed no outstanding demands against the transferor company but retained the right to examine tax consequences arising from the scheme.