Latest news with #EraayaLifespaces
Mint
7 days ago
- Business
- Mint
Multibagger small-cap stock hits upper circuit despite stock market crash; here's why
Eraaya Lifespaces share price was locked in the 2% upper circuit for the second consecutive session on Friday, driven by strong buying interest. The small-cap stock rose 2% to ₹ 50.67 apiece on the BSE. The latest gains in Eraaya Lifespaces shares comes after the company announced that its Indian subsidiary Ebix Technologies has won ₹ 140 crore-order from MSRTC. Ebix Technologies (formerly known as EbixCash), has secured a ₹ 140 crore contract with the Maharashtra State Road Transport Corporation (MSRTC) for the first statewide rollout of the National Common Mobility Card (NCMC) for concessionaires in India, Eraaya Lifespaces said in a release. The newly awarded NCMC program expands this partnership with a focus on smart, interoperable payments. The National Payments Corporation of India (NPCI) spearheads this initiative in collaboration with the Ministry of Housing and Urban Affairs to enable passengers to use a single smartcard across multiple transport modes, creating a truly integrated mobility ecosystem, it added. Key highlights of the project include the mandatory adoption of the NCMC smartcard for all concessional passengers and pass holders on MSRTC buses. A minimum business assurance of 70 lakh NCMC cards sold in the first year alone, scaling to over 2 crore cards. It also includes facilities for card top-ups, use of advanced Aadhaar-based authentication APIs, and the expected transaction volumes exceeding ₹ 2,000 crore annually once fully operational. Ebix Technologies had earlier been awarded a contract on 30 November 2022 to supply and maintain 38,622 Android-based Electronic Ticketing Machines (ETMs) integrated with an online reservation system. It has successfully facilitated the issuance of approximately 220 crore passenger tickets in the past two years. This network spans MSRTC's fleet of over 16,000 buses, serving more than 13 crore passengers monthly across urban and rural Maharashtra. Eraaya Lifespaces share price has gained 15% in one month and 8% in three months. The smallcap stock has declined 61% in six months and has dropped 56% on a year-to-date (YTD) basis. However, Eraaya Lifespaces share price has delivered multibagger returns of 3,890% in two years and a staggering 6,568% in five years. At 11:40 AM, Eraaya Lifespaces share price was still locked in at 2% upper circuit of ₹ 50.67 apiece on the BSE. Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
Entrepreneur
24-07-2025
- Business
- Entrepreneur
Eraaya Lifespaces Announces Exit from USD 120 Mn FCCB Program
The move follows a detailed assessment of the issuance, which was originally intended to fund the acquisition of Ebix Inc. You're reading Entrepreneur India, an international franchise of Entrepreneur Media. Eraaya Lifespaces Limited has announced that its Board of Directors has approved a strategic exit from its USD 120 million Foreign Currency Convertible Bonds (FCCBs) program. The move follows a detailed assessment of the issuance, which was originally intended to fund the acquisition of Ebix Inc. Although the acquisition was completed through alternative funding routes, the company reports that USD 40 million of the raised amount remains unjustifiably withheld by Elara Capital PLC and certain bondholders. This development, Eraaya stated, has obstructed the primary commercial intent behind the FCCB issuance and has made its continued operation legally untenable under the Indian Companies Act, 2013. In its official communication, the Board expressed concerns over the fragmented state of the bonds, which it believes threatens the company's governance and regulatory compliance. A significant point of contention is the role of Oyster Bay, an FCCB subscriber managed exclusively by Elara Capital, which also served as the issuance advisor. Eraaya cited this as a serious conflict of interest and a breach of fiduciary duty. Despite repeated appeals to release the withheld funds, Elara Capital and associated bondholders have reportedly failed to cooperate. The company also stated that it has faced coordinated attempts to destabilise operations through regulatory complaints, targeted media reports, and threats directed at its leadership. The advisory board of Eraaya, which includes respected figures such as former Enforcement Directorate official Karnal Singh, ex-SEBI Chairman G.N. Bajpai, and former Central Vigilance Commissioner T.M. Bhasin, has unanimously supported the decision to exit the program. Eraaya emphasised that no legitimate bondholder would face financial loss and that all resolutions would be executed transparently and in accordance with the law. The company also reserved the right to seek legal remedies for any damages resulting from the alleged misconduct linked to the FCCB issuance.
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Business Standard
22-07-2025
- Business
- Business Standard
Ebix Tech secures ₹140 crore contract from Maharashtra Transport Corp
Ebix Technologies, Indian subsidiary of Eraaya Lifespaces, on Tuesday announced securing a ₹140 crore contract from Maharashtra State Road Transport Corporation for the first state-wide rollout of the National Common Mobility Card for concessionaires in India. Once fully operational, the project is expected to clock transactional volumes to the tune of ₹2,000 crore annually, boosting the entity's digital transaction ecosystem and passenger convenience, Ebix Technologies Limited, earlier known as EbixCash, said in a statement. In November 2022, the company was awarded a contract to supply and maintain 38,622 Android-based Electronic Ticketing Machines (ETMs) integrated with an online reservation system. This mandate has successfully facilitated the issuance of approximately 220 crore passenger tickets in the past two years, Ebix Technologies said, adding that this network spans MSRTC's fleet of over 16,000 buses, serving more than 13 crore passengers monthly across urban and rural Maharashtra. The newly-awarded National Common Mobility Card (NCMC) programme expands this partnership with a focus on smart and interoperable payments that will revolutionise how millions travel daily, it said. Spearheaded by the National Payments Corporation of India (NPCI) in collaboration with the Ministry of Housing and Urban Affairs, the initiative enables passengers to use a single smartcard across multiple transport modes, creating a truly integrated mobility ecosystem, Ebix said. "With the NCMC rollout, we are not just introducing another payment method. We are fundamentally reimagining how citizens experience everyday travel across Maharashtra," a company spokesperson said. The project includes mandatory adoption of the NCMC smartcard for all concessional passengers and pass holders on MSRTC buses, with optional availability for regular passengers, a minimum business assurance of 70 lakh NCMC cards to be sold in the first year alone, scaling to over 2 crore cards issued statewide through a network of 3,000 dedicated retail outlets established by Ebix Technologies, among others.
India Today
14-07-2025
- Business
- India Today
Mahadev betting app case: Companies owned by Vikas Garg under ED scanner
The Directorate of Enforcement (ED), investigating the Mahadev Betting app money laundering case, uncovered earlier this year how the mastermind of the betting network, Harishankar Tibrewal through Foreign Portfolio Investment (FPI) had invested in several listed Small and Medium Enterprises (SME) purpose of doing so was to manipulate stocks, artificially inflate the stock prices of SME companies in which FPI investments were made. Once the share prices rose, they were dumped and Tibrewal and his accomplices would double or sometimes triple their per sources, the acquisition of Nasdaq-listed Ebix Incorpotated, last year, by an Indian firm, Eraaya Lifespaces, which is promoted by one Vikas Garg, is now under the radar of the anti-money laundering agency. The suspicion by the agency is regarding the funds raised for the acquisition of Ebix Inc. by Eraaya Lifespaces. Ebix Inc. was acquired by Eraaya Lifespaces last year through funds raised from multiple channels and officials, as per sources, also flagged the meteoric rise in the share prices of Eraaya Lifespaces and asked Bombay Stock Exchange officials to investigate it. The suspicion is over the funds raised and later used for the are multiple such SME listed and unlisted companies, promoted and run by Vikas premises were also searched when multiple other companies and linked properties were searched on April 16 by ED of Garg's promoted companies which are under investigation are Vikas Lifecare Limited, Vikas Ecotech Limited, Advika Finvest, Advika Capital Limited and investigations revealed that Tibrewal had, through FPI, made investments in multiple firms owned by then, Garg has been issued multiple summons by ED officials to join investigations in the case. Earlier Garg's companies were under investigation by the Income Tax Investigation Wing, GST and few other other companies under investigation in the case have also been asked to join investigations, which include firms like Ease My Trip, IITL, JTL Industries, Gensol and others. The Securities and Exchange Board of India (SEBI) also has been informed by ED officials regarding manipulation of shares and artificial inflation of proximity to Tibrewal is also being probed by agency officialhttps:// Acquisition attempts for a club in the United Arab Emirates (UAE) were also under the other companies where Tibrewal had invested through FPI, the promoters of many of those companies, are known to Garg has so far carried out around 170 raids across the country and several companies, persons and entities in the Mahadev Betting app case and assets worth over rupees 3000 crores in property, cash and movable properties have been attached, including demat accounts and share holdings.- EndsTune InMust Watch
Mint
02-07-2025
- Business
- Mint
Small-cap stock below ₹50 edges higher despite stock market sell off
Eraaya Lifespaces share price rose by nearly 4% during Wednesday's trading session, following the announcement that its subsidiary, A.D.A.M. Consumer Health (ADAM), successfully achieved and upheld its URAC Health Content Provider Certification. The firm stated that this accomplishment is an important milestone that highlights its dedication to delivering reliable, high-quality, and trusted health information to consumers. The acronym A.D.A.M. stands for Animated Dissection of Anatomy for Medicine, as mentioned by the company in a filing with the exchange. Despite undergoing considerable organisational shifts and strategic reconfigurations over the past year, A.D.A.M. has shown remarkable resilience and a steadfast dedication to excellence. The renewal of this globally esteemed certification serves as proof of the team's commitment to quality standards, patient education, and consumer trust, as stated by the company in a filing to the exchange. Alongside achieving this quality benchmark, A.D.A.M. has reported robust financial results despite facing wider challenges. In the fiscal year 2023-24, A.D.A.M. announced total revenue of around USD 7.7 million, indicating its ongoing leadership in health education solutions, medical illustrations, and the development of evidence-based content. With a diverse client base that includes healthcare providers, educational institutions, insurance companies, and digital platforms worldwide, A.D.A.M. continues to play a vital role in the healthcare content and e-learning sector of the Ebix Group. 'Maintaining the URAC Certification in such a dynamic operational environment is an achievement and we are truly proud of it. This reaffirms the trust placed in A.D.A.M. by our global customers and strengthens our ability to offer high-integrity content that educates and empowers users,' said Ashish Jaitly ED & CEO, Global Technology Business. Eraaya Lifespaces share price today at ₹ 44.50 apiece on the BSE, the stock touched an intraday high of ₹ 45.55 apiece, and an intraday low of ₹ 42.90 per share. Over the previous week, the stock decreased by -4.99%. It has dropped by -25.41% over the last quarter and has seen a decline of -45.04% over the past year, as reported by
