Elpro International Limited has disclosed to BSE Limited regarding GST inspection proceedings conducted by the Central Goods and Services Tax Department at various company locations. The disclosure was made pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

GST Inspection Details

The inspection proceedings were conducted by the Central GST Department, Mumbai and Pune Divisions, Maharashtra, under Section 67 of the Central GST Act, 2017. The proceedings were authorized on March 13, 2026, and conducted at various locations connected to the company.

Company Response and Compliance

Elpro International has confirmed that it provided all information as required by the GST officials during the inspection. The company has committed to continue providing any further details or information that might be required in the future. According to the disclosure, no official document has been issued regarding any violations or contraventions.

Impact Assessment

The company has assessed that there is no material impact on its financial, operational, or other activities due to the GST search proceedings at present. Elpro International has stated that in the event of any material update requiring intimation under SEBI Listing Regulations, it will make necessary disclosures in accordance with the regulatory requirements.

Regulatory Compliance

The disclosure was made in compliance with Regulation 30 read with Para A of Schedule III of the SEBI Listing Regulations and SEBI Master Circular dated January 30, 2026. The company secretary, Rushabh Ajmera, digitally signed the disclosure document on March 14, 2026, ensuring proper regulatory compliance and transparency with stakeholders.

Elpro International Limited has completed the acquisition of equity shares in Mynd Solutions Private Limited for ₹11.37 crores, as disclosed in a regulatory filing dated February 27, 2026. The transaction involves the purchase of 1,66,442 equity shares through cash consideration, marking Elpro International's entry into the fintech sector.

Target Company Profile

Mynd Solutions Private Limited operates as an RBI-licensed entity responsible for running a Trade Receivables Discounting System (TReDS) platform called "M1xchange." The company was incorporated on December 1, 2002, and has established itself as a significant player in India's invoice discounting and supply-chain finance market.

Financial Performance

Mynd Solutions has demonstrated strong financial growth over the past three years. The company's consolidated turnover for FY 2024-25 reached ₹104.70 crores, comprising revenue from operations and other income.

Business Operations

M1xchange functions as an online marketplace that enables Micro, Small, and Medium Enterprises (MSMEs) to discount approved invoices raised on large corporates. The platform allows banks and Non-Banking Financial Companies (NBFCs) to bid for financing these receivables, facilitating working capital liquidity and supply-chain finance solutions at scale.

Mynd Solutions operates as a fintech and business services company, providing enterprise and financial process solutions alongside its core TReDS platform operations. The company bears full regulatory, governance, and compliance obligations for the M1xchange platform under India's regulatory framework.

Transaction Details

The acquisition represents a fresh investment by Elpro International, as the company had no previous shareholding in Mynd Solutions. The transaction does not fall under related party transactions, and no governmental or regulatory approvals are required for completion.

The strategic acquisition aligns with Elpro International's investment objectives and provides exposure to India's growing digital finance ecosystem through Mynd Solutions' established TReDS platform operations.