Eraaya Lifespaces' board to consider stock split soon - Check details

Leisure and hospitality provider Eraaya Lifespaces has informed exchanges that its board will meet soon to consider a stock split.

According to an exchange filing, the meeting of the board is scheduled to take place on October 19, 2024.

“... a meeting of the Board of Directors of Eraaya Lifespaces Limited is scheduled to be held on Saturday, October 19, 2024, in New Delhi to take decision regarding split/division in the nominal value of Equity Shares of Eraaya Lifespaces Limited to enhance liquidity and encourage better investor participation," the company said in an exchange filing.

Last month, the company informed exchanges 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 would 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.