Corporate Feature     

Published: June 15, 2024
Updated: June 15, 2024

Eraaya Lifespaces Limited

Agreement for the acquisition of Ebix Inc., submitted by Eraaya has been approved by Independent directors of Ebix. Inc.

The Consortium has remitted the 5% cash deposit, as required to further the process.

Eraaya Lifespaces Limited is pleased to announce that the Plan Support Agreement submitted by “The Consortium” led by Eraaya Lifespaces Limited, as the Stalking Horse Bidder for the acquisition of 100% of the equity of Ebix Inc. (“Ebix”), has been approved by the Independent Directors of Ebix. Inc.

The Stalking Horse Plan Sponsor Agreement has the support of the Ebix Inc. Senior Management led by the Ebix CEO, and The Consortium will to work collaboratively with Ebix Inc representatives to get Ebix Inc. and its affiliated debtors out of Chapter 11 through the sponsored Plan.

The proposal provides for the acquisition of 100% of the equity in Ebix Inc. by The Consortium, which includes assets and liabilities in the worldwide subsidiaries of Ebix (other than liabilities in the North American Company), except as otherwise agreed to by The Consortium in accordance with the Stalking Horse Plan Support Agreement.

EBIX INC. is a leading international supplier of OnDemand software and E-commerce services to the insurance, financial and healthcare industries, EBIX INC., (NASDAQ: EBIX) provides end-to-end solutions ranging from infrastructure exchanges, carrier systems, agency systems and risk compliance solutions to custom software development for all entities involved in the insurance industry.

Elevating Experiences, Embracing Heritage. Eraaya Lifespaces is a premier lifestyle and hospitality company dedicated to curating unforgettable experiences worldwide. Rooted in a passion for excellence, we blend luxury, comfort, and style to create immersive environments that transcend mere existence. Our portfolio celebrates India’s rich culture and heritage, offering unique escapes in iconic destinations. Whether it’s crafting flawless events or producing innovative content, Eraaya Lifespaces is committed to exceeding expectations and creating memories that last a lifetime. Welcome to Eraaya, where luxury and heritage converge in perfect harmony.

While Eraaya stands as a beacon of innovation and excellence in its current domain, with a solid foundation built on determination, guided by a clear vision, informed strategy, and unwavering commitment to excellence, the company has garnered recognition in the industry.

Eraaya is seeking to thrive, expansion beyond its current scope as a strategic option embracing new business fields presents a promising avenue for growth, diversification, and sustained relevance in an ever-evolving market. Eraaya has set its sight on exploring new business fields, driven by a vision to expand its horizons and unlock fresh opportunities via mergers and acquisitions of a varied bunch of businesses.

Eraaya Lifespaces embarks on this transformative journey of expansion into new business fields, Eraaya is poised to carve a new path of success, driving innovation, and creating value for stakeholders while shaping the future of business in dynamic and unprecedented and unforeseen ways.