Eraaya Lifespaces remits Rs 101 crore in acquisition bid of US-based firm
The bid submitted by the consortium led by Eraaya Lifespaces Limited had been approved and accepted as the highest and best bid for Ebix.
![Eraaya Lifespaces remits Rs 101 crore in acquisition bid of US-based firm](https://cdn.zeebiz.com/sites/default/files/2024/06/20/300622-dealnew.jpg?im=FitAndFill=(1200,900))
Hospitality major Eraaya Lifespaces has informed exchanges that Rs 101 crore has been remitted towards the acquisition of US-based Ebix Inc.
With the latest payment of USD 12 million (approximately Rs 101 crores) on July 16, 2024, Eraaya Lifespaces Limited is pleased to deliver an update on the status of the Ebix Inc. acquisition process. To date, USD 21.75 million (roughly Rs 181 crores) have been remitted towards the acquisition.
Additionally, a payment of USD 35 million (about Rs 293 crores) shall be made by July 2024. The acquisition includes 100 per cent of the equity in Ebix by the Consortium which includes assets and certain liabilities in the worldwide subsidiaries of Ebix, as per a stock exchange filing.
The bid submitted by the consortium led by Eraaya Lifespaces Limited 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 (INR 3,009 Crores approximately).
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.
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