Eraaya Lifespaces' subsidiary secures Rs 250 million contract - Details

Eraaya Lifespaces has informed exchanges that its Indian subsidiary EbixCash Global Services (ECGS) has successfully acquired multi-year contracts with an Annual Contract Value of Rs 250 million.

Earlier, the company's subsidiary secured a significant contract with Punjab National Bank (PNB), one of India's top three public sector banks. 

According to an exchange filing, Eraaya Lifespaces' recently acquired subsidiary, Ebix Cash Limited, has secured a contract for Network Integrating Services from Punjab National Bank.

The contract is valued at approximately Rs 138.75 crores and has been awarded for another 3 years.

Since 2021, Ebix has been responsible for managing Punjab National Bank’s enterprise-wide network across India

Recently Eraaya Lifespaces Limited's board approved raising funds up to Rs 1,028.7 crore through a preferential issue of securities. 

The company said that the funds would be used to augment the company’s long-term financial resources.