Eraaya Lifespaces has informed exchanges that the company has raised Rs 248.50 crores through the QIP. It also informed bourses that the board of directors of the company has also proposed to raise further funds through one or more securities, which may include a preferential allotment, QIP, private placement, debentures, GDRs or FCCBs, etc. 

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The company also said that the board has approved and adopted the placement document dated August 13, 2024; and allotment of 32,61,200 equity shares at the issue price to the eligible qualified institutional buyers in accordance with the terms of the issue

Meanwhile, the company has announced its quarterly results for the first quarter of the financial year 2024. According to an exchange filing, the company reported net profit of 0.95 crore in the quarter ended June 2024. This is a surge of 1800 per cent when compared to the net profit of Rs 0.05 crore during the same quarter a year ago.

However, the company's total revenue declined 92.74 per cent to Rs 2.00 crore in the quarter ended June 2024 as against Rs 27.53 crore during the previous quarter ended June 2023.

Meanwhile, the company 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.