Eraaya Life spaces Ltd.(BSE: 531035) is pleased to share the updates on the status of the acquisition process of Ebix Inc., wherein an amount of USD 12 Million (INR 101 Crores Approx) has been remitted on 16th July 2024, making it a total of USD 21.75 Million (INR 181 Crores Approx) that has been remitted till date towards the acquisition. Further to this USD 35 Million (INR 293 Crores Approx) will be remitted within July 2024 itself.
The bid submitted by the consortium led by Eraaya Life spaces Limited had 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 at an ascribed enterprise value of USD 361 Million (INR 3,009 Crores approximately).
The acquisition will be effectuated through Ebix’s Plan of Reorganization proposed in its Chapter 11 proceedings, subject to ongoing negotiations among the consortium, Ebix, and Ebix’s creditors and other stakeholders. The U.S. Bankruptcy Court had allowed the Plan of Reorganization to be sent to creditors for voting and scheduled a hearing to consider approval of the plan.
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., (NASDAQ: EBIXQ) is a leading international supplier of On-Demand software and E-commerce services to the insurance, financial and healthcare industries.
Elevating Experiences, Embracing Heritage. Eraaya Life spaces is a premier lifestyle and hospitality company dedicated to curating unforgettable experiences worldwide. Rooted in a passion for excellence, we blend luxury, comfort, and style to create immersive environments that transcend mere existence. Our portfolio celebrates India’s rich culture and heritage, offering unique escapes in iconic destinations. Whether it's crafting flawless events or producing innovative content, Eraaya Lifespaces is committed to exceeding expectations and creating memories that last a lifetime. Welcome to Eraaya,
where luxury and heritage converge in perfect harmony.
While Eraaya stands as a beacon of innovation and excellence in its current domain, with a solid foundation built on determination, guided by a clear vision, informed strategy, and unwavering commitment to excellence, the company has garnered recognition in the industry.
Eraaya is seeking to thrive, expansion beyond its current scope as a strategic option embracing new business fields presents a promising avenue for growth, diversification, and sustained relevance in an ever-evolving market. Eraaya has set its sight on exploring new business fields, driven by a vision to expand its horizons and unlock fresh opportunities via mergers and acquisitions of a varied bunch of businesses.
Eraaya Life spaces embarks on this transformative journey of expansion into new business fields, Eraaya is poised to carve a new path of success, driving innovation, and creating value for stakeholders while shaping the future of business in dynamic and unprecedented and unforeseen ways.