Eraaya Lifespaces is closer to acquiring 100% equity in Ebix Inc as the bid submitted by the consortium led by the Company has been approved and accepted as the highest and best bid for Ebix.

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"It was taken on record that the bid for acquiring 100% equity of Ebix Inc. (“Ebix”) submitted by the consortium led by the Company has been approved and accepted as the highest and best bid for Ebix and declared as the winner following the auction process overseen by the U.S. Bankruptcy Court. Ebix ascribes the bid at an enterprise value of about $361 million," the company said in an exchange filing. 

Earlier, the company said that it has made a plan support agreement to acquire a 100 per cent stake in Ebix Inc. According to the company, this plan has been approved by the independent director of Ebix Inc. 

The consortium has remitted the 5 per cent cash deposit, as required to further the process.

"The Consortium has remitted the 5% cash deposit as required to further the process. The Acquisition will be effectuated through a Plan of Reorganization, negotiated between the bidders and major stakeholders of Ebix. Inc. under the Chapter 11 provisions. The Plan would be subject to Bankruptcy Court approval in accordance with the provisions of the United States of America
Bankruptcy Code," the company said. 

The Plan would be subject to Bankruptcy Court approval in accordance with the provisions of the United States of America Bankruptcy Code.