Share Market News: Ebix Exits Bankruptcy After Being Acquired by Eraaya LifeSpaces, Shares Hit 52-week High

Ebix Inc. has officially exited bankruptcy proceedings, following its acquisition by BSE-listed Eraaya LifeSpaces Ltd. “The company seems well positioned now to embark on its goal of delivering strong Ebitda and cash flows again,” the statement said.
Meanwhile, shares of Eraaya Lifespaces hit a new 52-week high on Wednesday as the company said that the its board has approved raising funds up to Rs 1,028.7 crore through a preferential issue of securities.
“The board approved further raising of funds by way of creating, issuing and allotting up to 1,27,00,000 (One Crore Twenty-Seven Lacs only) Compulsorily Convertible Warrants convertible into equivalent number of fully paid-up equity shares of the Company having face value of Rs 10,” the company said in an exchange filing.
The counter opened at Rs 1096.75 with a gain of 5 per cent from the previous close of Rs 1044.55 on the BSE. This is also a new 52-week high of the stock. The 52-week low of the stock is Rs 17.81.The company said that the funds will be used to augment the company’s long-term financial resources. The development comes as the company has completed the acquisition of Ebix Inc. and its global subsidiaries.
The tenure of the Warrants shall not exceed 18 months from the date of allotment. “Each Warrant shall carry a right to subscribe 1 (one) equity share per warrant, which may be exercised in one or more tranches, within 18 (eighteen) months from the date of allotment of such warrants,” the company said.