Eraaya Lifespaces Reports Rs 3,120.21 Crore Loss for FY25 Amid Ebix Acquisition and Legal Challenges
Eraaya Lifespaces Limited reported a consolidated net loss of Rs 3,120.21 crore for FY25, down from a profit of Rs 33.89 lakh in the previous year. Revenue soared to Rs 14,805.21 crore, primarily due to the acquisition of Ebix Inc. The company now operates in four segments: Financial Technologies and IT Services, Foreign Exchange, Money Transfer and Payment services, Travel Services, and Other services. The Ebix acquisition was partially financed through FCCBs, which are facing legal challenges. The company's balance sheet shows total assets of Rs 40,964.29 crore and total equity of Rs 301.26 crore. Auditors highlighted ongoing legal proceedings and management changes. Basic earnings per share dropped to Rs -20.55.
24Jul 25
Ebix Technologies Secures ₹140 Crore Contract for Maharashtra's Statewide Digital Transit Card Rollout
Ebix Technologies Limited, a subsidiary of Eraaya Lifespaces, has secured a ₹140 crore contract from MSRTC to implement the National Common Mobility Card program across Maharashtra. The project, India's first statewide digital transit card rollout for concessionaires, aligns with the 'One Nation One Card' vision. It involves mandatory NCMC smartcard adoption for concessional passengers, with a minimum of 70 lakh cards in the first year, potentially scaling to over 2 crore cards. The project, running from July 2025 to November 2028, is expected to generate annual transaction volumes exceeding ₹2000 crore.
22Jul 25
Eraaya Lifespaces' Subsidiary Wins ₹140 Crore Contract for India's First Statewide Digital Transit Card Rollout
Ebix Technologies Limited, a subsidiary of Eraaya Lifespaces Limited, has secured a ₹140 crore contract from Maharashtra State Road Transport Corporation (MSRTC) to implement India's first statewide National Common Mobility Card (NCMC) rollout for concessionaires. The project aims to establish 3,000 retail outlets for card distribution and recharge, targeting 70 lakh NCMC cards in the first year, scaling to over 2 crore cards statewide. The system will use Aadhaar-based authentication for concessional categories. Annual transaction volumes are expected to exceed ₹2,000 crore once fully operational. This contract builds on Ebix Technologies' existing relationship with MSRTC, where it previously supplied Electronic Ticketing Machines and facilitated approximately 220 crore passenger tickets over two years.
Eraaya Lifespaces Limited's Board has approved measures to address issues with its Foreign Currency Convertible Bonds (FCCBs) and improve corporate governance. The company plans to explore an amicable resolution for its FCCB issuance, including potential renegotiation, cancellation, or full repayment. This decision comes amid legal challenges and conflicts of interest related to the FCCB issuance. The company is also implementing corporate governance measures, including forming a Business Strategy Group and appointing an Investor Relations agency. Eraaya Lifespaces noted delays in finalizing its consolidated audited financial results for the year ended March 31, 2025, due to complex consolidation processes involving Ebix Inc. and its subsidiaries.
Eraaya Lifespaces Limited has announced key decisions following a board meeting on July 21, 2025. The company plans to explore an amicable resolution for its Foreign Currency Convertible Bonds (FCCB) issuance, including potential renegotiation, cancellation, or full repayment. A new Business Strategy Group will be formed to review the company's strategic direction. Eraaya also plans to expand into emerging business sectors and appoint an Investor Relations Agency. The company faces challenges with partial fund receipt from FCCBs, ongoing litigation, and conflicts of interest. Financial results for the year ended March 31, 2025, are delayed due to complex consolidation processes. The Advisory Board has endorsed the company's approach to resolving FCCB issues.
22Jul 25
Eraaya Lifespaces Initiates FCCB Exit Process Amid Legal and Ethical Concerns
Eraaya Lifespaces Limited's Board has unanimously decided to exit its Foreign Currency Convertible Bonds (FCCB) arrangement due to legal issues and misrepresentations. The company cites legal impossibility, conflict of interest involving Elara Capital, ongoing litigation, and a coordinated campaign against the company as key factors. The resolution process may include renegotiating terms, cancelling the FCCB issuance, and repaying bona fide bondholders. The company's Advisory Board, including former ED Chief Karnal Singh and former SEBI Chairman G.N. Bajpai, has endorsed this action, emphasizing integrity and responsible governance.
17Mar 25
Eraaya Lifespaces Takes Legal Action Against Elara Capital PLC for $40 Million FCCB Proceeds
Eraaya Lifespaces Limited has filed a lawsuit against Elara Capital PLC in the UK High Court over $40 million in unreleased proceeds from a $120 million Foreign Currency Convertible Bond (FCCB) issuance. The real estate company claims Elara Capital is wrongfully withholding the funds. Eraaya seeks the release of the $40 million and additional damages. The legal action follows the FCCB issuance in August 2024, which was approved by shareholders in July 2024.
17Mar 25
Eraaya Lifespaces Takes Legal Action Against Elara Capital Over FCCB Proceeds
Eraaya Lifespaces, a prominent real estate company, has launched legal proceedings against Elara Capital PLC concerning $40 million raised through Foreign Currency Convertible Bonds (FCCBs). The dispute could significantly impact Eraaya's financial position, corporate governance perception, and future fundraising capabilities. This legal battle may influence market sentiment towards the company in the short to medium term.