Revised disclosure on Rs.10 crore related-party acquisition of software platform and IP from Elanistech

Corrigendum to the 29th September, 2026 board outcome, giving revised details of the approved acquisition of a software platform, assets, brands, IP and human resources from Elanistech Private Limited under a Business Transfer Agreement.

Tue 29 Sep 2026

Total Purchase Consideration

Rs.10,00,00,000/- (Rupees Ten Crores Only)

Elanistech Valuation

Rs.114.86 Crores

Elanistech Turnover (FY 2025-26)

Rs.2.58 Crores

Related Party

Mr. Karthik Srinivasan, Chairman, MD & CFO is Director and shareholder of Elanistech

Expected Completion Timeline

Tentatively within 3 months

What was shared

The company has shared a corrigendum to the outcome of its board meeting held on 29th September, 2026, providing revised Regulation 30 details of the transaction the board considered and approved.

The approved transaction is the acquisition of a software platform, assets, brands, IP, human resources and related resources from Elanistech Private Limited, along with approval of a Business Transfer Agreement for the same. This is an asset/business purchase, so no shareholding or share count is involved.

Deal terms

• Total purchase consideration: Rs.10,00,00,000/- (Rupees Ten Crores Only)
• Mode: cash consideration, in one or more tranches
• Indicative completion: tentatively within 3 months, or such extended period as mutually agreed
• Governmental or regulatory approvals required: NA

About the seller

• Elanistech Private Limited develops software related to financial services, electronic payment and other services
• Incorporated on 21st August, 2019 in Karnataka; presence in India
• Stated size (valuation): Rs.114.86 Crores
• Turnover as on 31st March, 2026: Rs.2.58 Crores
• Turnover as on 31st March, 2025: Rs.0.01 Crores
• Turnover as on 31st March, 2024: Nil

Related party angle

The update states the acquisition falls within related party transactions and that the promoter group has an interest in the entity being acquired. Mr. Karthik Srinivasan, Chairman, Managing Director & Chief Financial Officer and Promoter of the company, is also a Director and shareholder in Elanistech Private Limited. The company states the transaction is done at arm's length.

Stated rationale

Per the update, the transaction is commercially beneficial to the company, will help with its primary business activity, is intended to kickstart revenue generation, and is aligned with the company's strategic objective.

What investors may focus on

• The consideration of Rs.10,00,00,000/- against the acquired entity's stated turnover of Rs.2.58 Crores and stated valuation of Rs.114.86 Crores
• That the counterparty is promoter-connected, which typically draws attention to valuation and approval processes
• Whether the transaction completes within the indicative 3-month window

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