Eraaya Lifespaces has informed exchanges that its subsidiary has secured a significant contract with Punjab National Bank (PNB), one of India's top three public sector banks. 

COMMERCIAL BREAK
SCROLL TO CONTINUE READING

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

"The services covered under this contract will encompass PNB’s extensive network, including 10,800 branches, 5,000 ATMs, and 4,000 branches of PNB-sponsored Regional Rural Banks. Additionally, Ebix Cash will manage the state-of-the-art Data Centre located in Delhi, the Advanced Network OperaƟons Centre, and the Disaster Recovery Centre in Mumbai, along with 13 zonal offices and 131 circle offices," the company said in an exchange filing.

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.