Eraaya Lifespaces Limited announced that its subsidiary, Ebix Technologies Limited, has secured a significant contract worth ₹140.00 crore from the Maharashtra State Road Transport Corporation (MSRTC) for implementing India's first statewide National Common Mobility Card (NCMC) rollout for concessionaires.

Project Highlights

• The project aligns with the government's 'One Nation One Card' initiative, aiming to create a unified digital payment system for public transit.
• Ebix Technologies will establish 3,000 retail outlets for card distribution and recharge.
• The program targets a minimum of 70 lakh NCMC cards sold in the first year, scaling to over 2 crore cards statewide.
• The system will use Aadhaar-based authentication for verifying senior citizens and other concessional categories.
• Annual transaction volumes are expected to exceed ₹2,000.00 crore once fully operational.

Expanding on Previous Success

This new contract builds upon Ebix Technologies' existing relationship with MSRTC. The company previously supplied 38,622 Electronic Ticketing Machines to MSRTC and has facilitated approximately 220 crore passenger tickets over two years across MSRTC's fleet of over 16,000 buses, serving more than 13 crore passengers monthly.

Transforming Public Transit

The NCMC program aims to revolutionize public transit in Maharashtra by:

1. Mandating NCMC smartcard adoption for all concessional passengers and pass holders on MSRTC buses.
2. Offering optional availability for regular passengers.
3. Providing facilities for card top-ups via physical outlets and online platforms.
4. Implementing advanced authentication APIs to prevent misuse of subsidies and improve targeting.

Impact on Digital Transactions

The successful implementation of this program is expected to significantly boost MSRTC's digital transaction ecosystem and enhance passenger convenience. It also positions Maharashtra at the forefront of India's smart mobility revolution, setting new benchmarks for public welfare through technology-driven transformation.

Company Outlook

Guided by its new promoter, Eraaya Lifespaces, and a dynamic management team, Ebix Technologies is poised to accelerate its growth trajectory and secure further strategic contracts nationwide. This transformative phase within the Ebix Group is marked by a renewed focus on cutting-edge technology adoption, operational excellence, and customer-centric innovation.

The NCMC rollout is anticipated to curb ticketing fraud, enhance subsidy transparency, and deliver a frictionless travel experience to millions of commuters, thereby improving public service and trust in Maharashtra's transportation system.

As Eraaya Lifespaces continues to expand its footprint in emerging and futuristic business sectors, this contract represents a significant step in reinforcing its position as a leader in digital payment solutions and public transit technology.

Eraaya Lifespaces Limited has announced a series of significant decisions aimed at addressing ongoing issues with its Foreign Currency Convertible Bonds (FCCBs) and strengthening its corporate governance. The company's Board of Directors has unanimously approved several key resolutions that could have far-reaching implications for its financial structure and strategic direction.

FCCB Exit Strategy

The Board has authorized the exploration of an amicable resolution regarding the company's FCCB issuance. This includes potential renegotiation of terms, cancellation and rescission of the FCCB issuance, and full repayment to bondholders. The decision comes in the wake of several challenges faced by the company:

1. Legal Impossibility and Frustration: The original purpose of the FCCB issuance, which was to fund the acquisition of Ebix Inc., has been frustrated. Eraaya Lifespaces received only $80.00 million of the $120.00 million raised, with $40.00 million being withheld by Elara Capital and bondholders.

2. Conflict of Interest: The company discovered that Oyster Bay, a FCCB subscriber, is managed by Elara Capital, which was also the financial advisor for the issuance. This represents a significant conflict of interest that was not disclosed to Eraaya Lifespaces.

3. Ongoing Litigation: Eraaya Lifespaces faces legal challenges at the National Company Law Tribunal (NCLT), where shareholders have contested the FCCB terms.

Corporate Governance Measures

In addition to addressing the FCCB issue, the Board approved several measures to enhance corporate governance:

1. Formation of Business Strategy Group (BSG): A new group comprising senior business leaders and Key Managerial Personnel will review and evaluate critical aspects of the company's strategic and operational direction.

2. Expansion Plans: The Board reaffirmed its commitment to expand Eraaya Lifespaces' footprint into emerging and futuristic business sectors.

3. Investor Relations: Appointment of a reputed Investor Relations agency to enhance engagement with the investor and financial community.

Financial Results Update

The company noted delays in finalizing its consolidated audited financial results for the year ended March 31, 2025. This delay is attributed to the complex consolidation processes involving Ebix Inc. and its 55 global subsidiaries. Eraaya Lifespaces expects to approve these results within the current calendar month.

Advisory Board Endorsement

Eraaya Lifespaces' Advisory Board, which includes distinguished professionals such as former regulatory chiefs and industry experts, has endorsed the company's approach to resolving the FCCB issue. They emphasized the importance of transparency, regulatory compliance, and fairness in addressing these challenges.

Eraaya Lifespaces has stated that no legitimate investor will suffer economic loss and that any resolution will be implemented transparently and fairly, in compliance with all regulatory frameworks. The company reserves its rights to pursue legal remedies if necessary to address any harm caused by bad-faith conduct.

As these developments unfold, stakeholders will be closely watching how Eraaya Lifespaces navigates these complex financial and legal challenges while striving to maintain its position in the lifestyle and hospitality sector.