Share Market News: Vikas Lifecare Submits Term Sheet to Acquire 100 Percent Equity of Ebix Inc. As Part of Consortium

Share Market News: Vikas Lifecare Limited has announced that it has submitted a term sheet to independent directors of Ebix, Inc. to acquire 100 per cent of the equity of Ebix as a member of the consortium led by Eraaya Lifespaces Limited.
The consortium will submit a 5% cash deposit to the Debtors upon the execution of a binding stalking horse agreement.
The proposal provides for the acquisition by the consortium of 100% equity and assets in the worldwide subsidiaries of Ebix while excluding all liabilities in the North American Company, other than those liabilities which may be expressly assumed by the consortium to be identified in the stalking horse agreement.
Recently, Vikas Lifecare was induced Rs 85 million to its step-down joint venture i.e. IGL Genesis Technologies Ltd, towards CAPEX for establishing the plant at Noida for manufacturing Smart Gas Meters in India.