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This stock hit 14th straight upper circuit today; has soared 102% in 3 wks
Source: Business Standard
Shares of Eraaya Lifespaces were locked in their upper circuit for the 14th straight trading day, up 5 per cent at Rs 1,620.20, on the BSE on Monday. In the past three weeks, the BSE listed stock has zoomed 102 per cent from a level of Rs 801.05 seen on August 26. Currently, Eraaya Lifespaces is trading under ‘XT’ group on the BSE. The stock is not listed on the National Stock Exchange (NSE).
The ‘XT’ group on the BSE is a sub-segment for securities in the Trade-for-Trade (T) group. The ‘T’ group is a surveillance measure that requires securities to be settled on a trade-to-trade basis. The ‘XT’ sub-segment is reviewed every six months.
Eraaya Lifespaces, on August 30, had announced that the company has completed the payment of $151.577 million (Rs 1273.25 crore) for the acquisition of Ebix Inc. USA and its global subsidiaries. With this landmark, Eraaya will be the holding company of Ebix Inc. and all its subsidiaries henceforth.
The acquisition, concluded following a successful bid in June 2024, witnessed Eraaya’s consortium emerging as the top bidder in the auction managed by the US Bankruptcy Court.
EBIX Inc. is a leading international supplier of On‐Demand software and E‐commerce services to the insurance, financial, and healthcare industries. The company 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.
To augment the long-term financial resources of the company, and considering the latest developments happened, the Board of Eraaya Lifespaces approved further raising of funds of Rs 1,028.70 crore by issuing 12.7 million Compulsorily Convertible Warrants convertible into equivalent number of fully paid-up equity shares of the company to the persons belonging to ‘Promoters’ and ‘Non-Promoter, Public Category’. The board approved the issue of warrants at a price of Rs 810 per share.
Traditionally, Eraaya Lifespaces was engaged in the business of the manufacturing of the cycles for kids with the brand name of Tobu Cycles. In the last year, the company made an amendment in the object clause of the company and started over with the business of hospitality along with the business of trading in securities and digital marketing.
Now, the company offers a versatile range of Hospitality services which includes, but not limited, to accommodation related to traveling for leisure, pleasure, or business purposes and visiting various destinations, such as cities, countries, natural attractions, historical sites, and cultural events, to experience new cultures, activities, and environments.
Along with hospitality, the company now offers Digital Marketing services which help businesses to develop its marketing and customer reach at large scale. Further, for the new vertical, the company is in process of acquiring some different properties, which will be utilised to some branded outlet at a fixed rent + revenue sharing model.
In this segment, the company is providing its commercial space to the reputed Quick Service Restaurant (QSR) which is focused on providing customers with food as quickly and efficiently as possible.
First Published: Sep 16 2024 | 2:43 PM IST
