Eraaya Lifespaces Limited (formerly Justride Enterprises Limited) announced today that its Board of Directors has approved raising funds up to Rs 1,028.7 crore through a preferential issue of securities. The decision was made during a board meeting held on September 4, 2024.
Key points:
- The company plans to issue up to 1,27,00,000 Compulsorily Convertible Warrants convertible into an equivalent number of fully paid-up equity shares.
- The warrants will be issued to both promoter and non-promoter categories at Rs 810 per warrant.
- The funds will be used to augment the company’s long-term financial resources.
- This move follows Eraaya’s successful acquisition of Ebix Inc. and its global subsidiaries.
- The board also approved changes including a potential name change, relocation of the registered office, and amendments to the company’s objects clause.
- Eraaya is planning to apply for listing on the National Stock Exchange (NSE) or another reputable international stock exchange.
The preferential issue is subject to necessary approvals and will be carried out in accordance with SEBI regulations and other applicable laws.
