Notice Of Extra-Ordinary General Meeting of the Company to be held on December 9, 2025.
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Eraaya Lifespaces Ltd (formerly Justride Enterprises Ltd) has called an EGM on December 9, 2025 at 1:00 PM via video conferencing to seek shareholder approval for six special business items. The key proposal is the preferential issue of 28,60,412 equity shares at Rs. 40.64 per share (face value Re. 1, premium Rs. 39.64) — aggregating roughly Rs. 11.6 crore — to two non-promoter entities: Melanie Lane Partners Series Fund/Series One (16,50,172 shares) and Watch Hill Capital LLC (12,10,240 shares). This allotment is for non-cash consideration in lieu of their existing 2.42% equity interest in Ebix Inc. and certain other obligations. Other items include raising the Board's borrowing limit to Rs. 3,500 crore (Section 180), enabling loans, guarantees and investments up to Rs. 3,500 crore (Sections 185 and 186), approving related party transactions up to Rs. 1,500 crore for FY26, and allowing lenders to convert outstanding loans into equity shares. Importantly, items 2 to 6 are being resubmitted because they failed to meet the special resolution threshold in an earlier attempt, so shareholder support this time is critical.
The preferential issue is modest in size (~Rs. 11.6 crore) and non-dilutive in cash terms, but it formally brings Ebix-linked investors onto the cap table. The broader borrowing, investment and related-party resolutions significantly expand management's financial flexibility, and since items 2–6 previously failed to pass, investors should review whether they are comfortable granting such wide-ranging powers.