Consortium led by Eraaya Lifespaces has further remitted $37 Million (around Rs 310.80 crore) towards the acquisition of Ebix Inc. Eraaya successfully completed the Qualified Institutional Placement (QIP) issue on the August 14, 2024 raising about Rs 248.50 crore. The company has moved to raise the remaining required capital through issuing additional securities, convertible bonds, and other financial instruments in the international market.
The Consortium led by Eraaya had submitted a bid to acquire 100% Equity of Ebix Inc. during June 2024, which had been subsequently approved and accepted as the highest and best bid for Ebix Inc and eventually declared as the winner following the auction process overseen by the U.S. Bankruptcy Court at an ascribed enterprise value of $361 Million (around Rs 3,009 crore).
The acquisition includes 100% of the equity in Ebix Inc. by the Consortium which includes assets and certain liabilities in the worldwide subsidiaries of Ebix Inc. Whereas, the Consortium has already deposited an amount of $93.327 Million (around Rs 783.95 crore) till date, and the balance Final Payment $58.25 Million (around Rs 489.30 crore) will be made within August 2024.
Eraaya Lifespaces is a premier lifestyle and hospitality company dedicated to curating unforgettable experiences worldwide.
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