Corrigendum/Addendum to the Notice of Extra-ordinary General Meeting to be held on December 09, 2025.
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Eraaya Lifespaces has issued a corrigendum to its December 9, 2025 EGM notice after receiving observations from BSE. The key change is converting its planned preferential share issue from a cash deal to a share-swap: 28.60 lakh equity shares will be issued at Rs. 40.64 each (face value Re. 1) to Melanie Lane Partners Series Fund and Watch Hill Capital LLC, in exchange for their 2.42% stake in Ebix Inc. (US subsidiary acquired via Chapter 11 in August 2024) and to settle related financial obligations. A new Item No. 7 was also added — inadvertently skipped earlier — seeking approval to recover intragroup management and support service charges from subsidiaries (capped at 5% of each subsidiary's turnover, on arm's-length basis). Other EGM items remain unchanged: borrowing limit up to Rs. 3,500 crore, loans under Section 185, and investments under Section 186.
On approval, Eraaya will achieve 100% ownership of Ebix Inc., strengthening control over its US subsidiary, but existing shareholders will see modest dilution (~1.5% on a fully diluted basis). No cash flows out of the company for the share-swap. The intragroup charge item will formalise cost recovery from subsidiaries, supporting parent's overhead reimbursement.