Eraaya Lifespaces Ltd. (BSE: 531035)has reported its earnings for the quarter ended 30 June 2024. The company reported its revenues at Rs. 19.98 Mn. The PBT was reported at Rs. 12.76 Mn, with PAT coming in at Rs. 9.54 Mn. EPS grew to Rs. 0.63, growing YoY from Rs. 0.03 (Q1FY24).
Earlier, the company announced that the bid for the acquisition of 100% of the equity of Ebix Inc. (“Ebix”) submitted by the consortium led by Eraaya has been approved and accepted as the highest and best bid for Ebix and declared as the winner following the auction process overseen by the U.S. Bankruptcy Court. Ebix ascribes the bid at an enterprise value of about $361 million. (INR 3,009 Crores approximately).
The acquisition will be effectuated through Ebix’s Plan of Reorganization proposed in its Chapter 11 proceedings, which is subject to ongoing negotiations among the consortium, Ebix, and Ebix’s creditors and other stakeholders. On June 27, 2024, the U.S. Bankruptcy Court allowed the Plan of Reorganization to be sent to creditors for voting and has scheduled a hearing to consider approval of the plan for July 30, 2024.
The terms of the acquisition arrangement submitted by the consortium is supported by Ebix Senior Management team led by the Ebix CEO. “The Consortium” led by Eraaya Lifespaces Limited, had earlier been approved as the Stalking Horse Bidder for the acquisition of 100% of the equity of the Company by Ebix (including its Independent Directors). In due course of the process, the consortium has already deposited US$.
7.25 Million (INR 60.4 Crores approximately) as a commitment deposit to support the bid. The consortium will be remitting another US$ 42.5 Million (INR 354 Crores approximately) in three instalments by 23rd July 2024 and the balance (final payment) for the acquisition amounting to US$ 95.25 Million (INR 793.8 Crores approximately) by 30th July 2024.
The acquisition includes 100% of the equity in Ebix by the Consortium which includes assets and certain liabilities in the worldwide subsidiaries of Ebix.
EBIX INC. is a leading international supplier of On-Demand software and E-commerce services to the insurance, financial and healthcare industries, EBIX INC., (NASDAQ: EBIXQ) provides end-to- end solutions ranging from infrastructure exchanges, carrier systems, agency systems and risk compliance solutions to custom software development for all entities involved in the insurance industry.