ASX shares fall 6% amid merger talk ASX Ltd's $553 million capital raising has prompted speculation the stock market operator was clearing debt to free it up to take part in a big merger deal. ASX's shares slumped by more than $2.13, or 6.0 per cent, to $33.15 as they came out of a trading halt and felt the dilutive effect of the greater number of shares on offer. The company has raised $267 million from institutional shareholders, with mum and dad retail investors able to take up $286 million in new shares next week. ASX chief executive Elmer Funke-Kupper has rejected suggestions linking the move to merger or takeover plans, saying it was related to tough new global rules requiring minimum money be kept in its clearing business. It is also clearing its debt, replacing a $250 million facility. The Singapore Exchange was blocked from taking over the Australian Securities Exchange (ASX) in an $8 billion deal in 2011 on Commonwealth national interest grounds. IG market strategist Evan Lucas said the move had surprised the market, with many thinking some merger and acquisition activity was on the cards. He thought a takeover of a foreign exchange was unlikely as that had tended to fail in recent years, but a clearing system that processes trades, as well as over the counter options and derivatives was a distinct chance. "They will be competing with somebody like Computershare, who are well ahead in terms of technology," Mr Lucas told AAP. They have cleared the decks for when they go back to the market for debt. The ASX offered two new shares for each 19 held by existing shareholders at a 16 per cent discount of $30 a share compared to the last traded price of $35.84. Investors will have access to better dividends.