Jagsonpal Services To Acquire Elanistech Private For ₹10 Crore Cash
· Free Press Journal
Mumbai: Jagsonpal Services Ltd announced on 29 September 2026 that its Board of Directors has approved the acquisition of Elanistech Private Ltd. The transaction involves a total lump-sum purchase consideration of ₹10 crore, to be paid in one or more tranches.
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Related Party Transaction
Elanistech Private is a related party, with Karthik Srinivasan, Chairman, Managing Director and Chief Financial Officer of Jagsonpal Services, also serving as a director and shareholder in Elanistech. The company affirmed that the transaction was conducted at arm's length.
Business Profile of Acquired Entity
Elanistech Private Ltd, incorporated in Karnataka on 21 August 2026, specialises in developing software related to financial services, electronic payment and other services. The company reported nil turnover as on 31 March 2026 and a net worth of ₹50.80 lakh.
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The acquisition is considered commercially beneficial and is expected to contribute to Jagsonpal Services' primary business activity. It aims to kickstart revenue generation and aligns with the company's strategic objectives.
Completion Timeline
The transaction is tentatively expected to be completed within three months, though this period may be extended if mutually agreed upon by both parties. Member approval will be sought, with details to be disclosed separately.
Disclaimer: This story is based on company exchange filings and is for informational purposes only. Investors should evaluate risks before making decisions.