Eraaya LifeSpace Limited, a small-cap company in the real estate business, has said that a consortium led by it has made a plan support agreement to acquire 100 per cent stake in Ebix Inc. This plan of Eraaya LifeSpace Limited has been approved by the independent director of Ebix Inc. The consortium led by Eraaya LifeSpace Limited has moved forward on this plan by depositing a 5 percent cash deposit.
If this acquisition is successful, it can be implemented under Chapter 11 of the reorganization plan. Under this plan, negotiations are to be done between Eraaya, Ebix Inc. and other major shareholders. This acquisition can be done under the guidelines of the US Bankruptcy Code.
A consortium led by Eraaya LifeSpace is trying to buy Ebix Inc. Ebix Inc. is a leading on-demand software and e-commerce service provider company that works for the insurance, financial and health care sectors. The company provides end-to-end solutions in the insurance industry. No change was being recorded in the shares of Eraaya LifeSpaces Limited amid a slight increase in the stock market. The 52-week high of the shares of Eraaya LifeSpaces Limited, which has a market cap of around Rs 1110 crore, is Rs 775 while the 52-week low is Rs 12.69.
