Eraaya Lifespaces update on acquisition of Ebix Inc.

Eraaya Lifespaces shared the updates on the status of the acquisition process of Ebix Inc., wherein an amount of USD 14 Million (Rs 117 crore approx) has been remitted on by the Consortium 26 July 2024; making it a total of USD 35.75 Million (Rs 299 crore approx) paid till date.

Further USD 6.60 Million (Rs 55 crore approx) and (+) USD 14 Million (Rs 117 crore approx) will also be paid within July 2024 and the balance Final Payment will be made within August 2024.

The bid submitted by the consortium led by Eraaya Lifespaces 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 (Rs 3,009 crore approx).

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.

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