Press Release17 Jul 2024, 09:35 pm
Vikas Lifecare Announces Updates on Ebix Inc. Acquisition: Consortium Remits USD 12 Million
AI Summary
Vikas Lifecare Limited (VLL) has announced updates on the acquisition deal of Ebix Inc. The consortium, led by Eraaya Lifespaces Limited, has remitted an amount of USD 12 Million (INR 101 Crores Approx) and will remit further USD 35 Million (INR 293 Crores Approx) within July 2024. The Plan Support Agreement has been approved by the Independent Directors of Ebix Inc. The acquisition will be effectuated through a Plan of Reorganization under the Chapter 11 provisions.
Key Highlights
- Vikas Lifecare and Eraaya Lifespaces Limited consortium remits USD 12 Million for Ebix Inc. acquisition
- Further USD 35 Million to be remitted within July 2024
- Plan Support Agreement approved by Ebix Inc.'s Independent Directors
- Acquisition to be effectuated through a Plan of Reorganization under Chapter 11 provisions
- Ebix Inc. is a leading international supplier of On-Demand software and E-commerce services to the insurance, financial and healthcare industries