Eraaya Lifespaces to raise funds by way of preferential issue - Check details
The company said that the funds will be used to augment the companys long-term financial resources.
Eraaya Lifespaces Limited on Wednesday said that its board has approved raising funds up to Rs 1,028.7 crore through a preferential issue of securities.
"The board approved further raising of funds by way of creating, issuing and allotting up to 1,27,00,000 (One Crore Twenty-Seven Lacs only) Compulsorily Convertible Warrants convertible into an equivalent number of fully paid-up equity shares of the Company having face value of Rs 10," the company said in an exchange filing.
The company said that the funds will be used to augment the company’s long-term financial resources.
The development comes as the company has completed the acquisition of Ebix Inc. and its global subsidiaries.
The tenure of the Warrants shall not exceed 18 months from the date of allotment.
"Each Warrant shall carry a right to subscribe 1 (one) equity share per warrant, which may be exercised in one or more tranches, within 18 (eighteen) months from the date of allotment of such
warrants," the company said.
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