At its board meeting held on May 11, 2026, Eraaya Lifespaces approved a series of significant corporate actions, including a proposed name change to Ebix Limited, a broad leadership restructuring, fund-raising plans of up to Rs. 425 Crores, and the convening of an Extra-Ordinary General Meeting (EGM) on June 08, 2026. The meeting commenced at 04:15 P.M. and concluded at 05:30 P.M. at Taj Chambers, Hotel Taj Mahal, Maan Singh Road, New Delhi.

Name Change and Strategic Repositioning

The board considered and approved the change in the company's name from "Eraaya Lifespaces Limited" to "Ebix Limited", along with consequential alterations to the Memorandum of Association and Articles of Association. The proposed change is subject to shareholder approval and such other statutory and regulatory approvals as may be required. The company stated that the name change is intended to reflect its strategic evolution, business positioning, and expanded operational focus.

Leadership Restructuring

Pursuant to the recommendation of the Nomination and Remuneration Committee, the board approved a comprehensive realignment of its leadership. The following table summarises the key changes approved on May 11, 2026:

The board also approved the appointment of an Independent Advisor to the Group for Compliance and Corporate Governance matters. Mr. Karan Bagga cited other professional and personal commitments as the reason for his resignation, Mr. Arun Batra cited other professional and career opportunities, and Mr. Deepak Singhal cited health issues. The board noted that the overall composition and strength of the board shall remain unchanged and in compliance with applicable regulatory requirements following these changes.

Profiles of Newly Appointed Directors

• Prof. Anil Kumar is a Professor of Finance & Corporate Governance at the Department of Commerce, Delhi School of Economics, University of Delhi, and also serves as CEO of DU Foundation. An alumnus of SRCC and Harvard Business School, he holds a Ph.D. in Corporate Governance from the University of Delhi and has authored more than ten books on corporate governance and CSR.
• Mr. Sushil Gupta is a Chartered Accountant with more than 30 years of experience in stabilizing, transforming, and scaling promoter-led organizations. He has held leadership roles at SpiceJet and Sahara India Group, with expertise in cash flow optimization, ERP-led digitization, and governance frameworks.
• Mr. Ashish Sharma is a Chartered Accountant with over 26 years of post-qualification experience, including over 15 years at Accenture leading operations across Finance & Accounts, FP&A, Treasury, and Supply Chain Management. He is also a certified Six Sigma Green Belt practitioner.
• Mr. Gautam Seth brings over 30 years of experience in secretarial, legal, corporate governance, and regulatory compliance. He has held senior positions at Varun Beverages Limited, Allied Nippon Limited, and Gajra Bevel Gears Limited, and is a qualified Company Secretary from ICSI.

Committee Reconstitution

Consequent to the changes in board composition, the board approved the reconstitution of the following three committees, while keeping the composition of all other committees unchanged:

• Risk Management Committee
• ESG Committee
• High Powered Steering Committee

Fund-Raising Proposals

The board approved fund-raising proposals aggregating up to Rs. 425 Crores, subject to receipt of necessary approvals, structured as follows:

In addition to the cash fund-raising, the board approved the issuance of 28,60,412 fully paid-up equity shares of face value Re. 1/- each for consideration other than cash, to certain shareholders of Ebix Inc. (a subsidiary of the company) belonging to the Non-Promoter Category. The proposed allottees are Melanie Lane Partners Series Fund, LLP (16,50,172 shares) and Watch Hill Capital (12,10,240 shares). Upon completion of the proposed transaction and agreed milestones, the entire equity of Ebix Inc. is stated to be held by Eraaya Lifespaces Limited, eliminating any residual minority interest.

The post-issue shareholding structure on a fully diluted basis, assuming full conversion of outstanding 20,00,000 warrants and 12,23,31,040 FCCBs into equity shares, is as follows:

Extra-Ordinary General Meeting

The board approved convening an EGM to seek member approvals for the various business decisions in accordance with the Companies Act, 2013 and other applicable laws. The EGM details are as follows:

The EGM notice will be sent through electronic mode to members whose email addresses are registered with Depository Participants, the Company, or the Registrar & Transfer Agent as on the cut-off date, and will also be available on the company's website at www.eraayalife.com .

Eraaya Lifespaces Limited has successfully completed the final conversion of 12,75,000 warrants into equity shares, marking the conclusion of its comprehensive warrant exercise program. The fund-raising committee approved this final conversion during their meeting held on April 29, 2026, with Just Right Life Limited, a promoter group entity, completing its full warrant position.

Latest Warrant Conversion Details

The recent conversion involved 12,75,000 warrants being transformed into an equal number of equity shares at an issue price of Rs. 81.00 per share. Each new equity share carries a face value of Re. 1.00 with a premium of Rs. 80.00 per share. This represents the final tranche of warrants originally issued on a preferential basis to Just Right Life Limited on January 18, 2025.

Complete Warrant Exercise Summary

Just Right Life Limited has now completed the full exercise of its warrant allocation. The promoter group entity's total warrant conversion activity demonstrates sustained confidence in the company's growth trajectory across multiple tranches.

Updated Shareholding Pattern

Following the final warrant conversion, Just Right Life Limited's shareholding in Eraaya Lifespaces has reached 7.00%. The promoter group entity's equity holding has increased substantially from its initial position through systematic warrant exercises.

Enhanced Capital Structure

With the completion of this final warrant conversion, Eraaya Lifespaces Limited's capital structure has been significantly strengthened. The company's issued and paid-up capital now stands at Rs. 21,42,94,160.00, comprising 21,42,94,160 equity shares with a face value of Re. 1.00 each. The newly allotted shares rank pari-passu with existing equity shares, ensuring equal rights and privileges for all shareholders.

The fund-raising committee meeting was conducted in full compliance with SEBI regulations and listing requirements under Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015. This final conversion represents the successful completion of the company's strategic warrant-based capital raising initiative.