Eraaya Lifespaces Limited Announces Acquisition of 100% Equity in EBIX INC.

On June 19, 2024, Eraaya Lifespaces Limited announced that their Plan Support Agreement to acquire 100% of Ebix Inc.’s equity has been approved by Ebix Inc.’s Independent Directors. The Consortium, led by Eraaya Lifespaces Limited as the initial bidder, has also deposited the required 5% cash deposit to proceed with the acquisition process.

The acquisition will proceed through a reorganisation plan negotiated with Ebix Inc.’s major stakeholders under Chapter 11 of the US Bankruptcy Code. Ebix Inc.’s senior management, including the CEO, supports this plan, and the consortium aims to collaborate with Ebix Inc.’s representatives to navigate the Chapter 11 process and emerge from bankruptcy successfully.

The proposal includes acquiring all of Ebix Inc.’s equity and assets in its global subsidiaries, excluding liabilities in the North American company, unless otherwise agreed upon under the Plan Support Agreement.

Financial Highlights of Eraaya Lifespaces

In the standalone quarterly financial results for March 2024, Eraaya Lifespaces reported a significant increase in Net Sales to ₹15.45 crore, a rise of 7821.03% from ₹0.20 crore in March 2023. However, Quarterly Net Profit decreased sharply to ₹0.00 crore, down 98.46% from ₹0.14 crore in March 2023. EBITDA improved to ₹0.27 crore, marking a 58.82% increase from ₹0.17 crore in March 2023. Eraaya Life’s EPS dropped to ₹0.00 in March 2024 from ₹0.97 in March 2023.

About EBIX INC.

EBIX INC. is a prominent global provider of On-Demand software and E-commerce services for the insurance, financial, and healthcare sectors. It offers comprehensive solutions, including infrastructure exchanges, carrier systems, agency systems, risk compliance solutions, and custom software development tailored to various entities within the insurance industry.

About Eraaya Lifespaces

Eraaya Lifespaces is a leading lifestyle and hospitality company that creates extraordinary experiences worldwide. They blend luxury, comfort, and style to craft immersive environments beyond the ordinary. Eraaya is exploring new business opportunities through mergers and acquisitions to diversify and grow, ensuring relevance in a rapidly changing market.

On June 20, 2024, Eraaya Lifespaces Limited’s share price opened at ₹727.65, touching the highest price of ₹727.65 as of 10:23 AM on the NSE.

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