Vikas Lifecare Limited, plan support agreement for the acquisition of 100% of the equity of Ebix Inc.

Vikas Lifecare Limited (VLL) has announced that the Plan Support Agreement submitted by "The Consortium" including Vikas Lifecare Limited, as the Stalking Horse Bidder for the acquisition of 100% of the equity of Ebix Inc. ("Ebix"), has been approved by the Independent Directors of Ebix. Inc. The Consortium is led by Eraaya Lifespaces Limited (BSE Symbol: ERAAYA | 531035 ISIN: INE432F01024).

In accordance with the Stalking Horse Plan Support Agreement, The Consortium has also remitted the 5% cash deposit as required to further the process. The Acquisition will be effectuated through a Plan of Reorganization, negotiated between the bidders and major stakeholders of Ebix. Inc. under the Chapter 11 provisions. The Plan would be subject to Bankruptcy Court approval in accordance with the provisions of the United States of America Bankruptcy Code.

The Stalking Horse Plan Sponsor Agreement has the support of the Ebix Inc. Senior Management led by the Ebix CEO, and The Consortium will to work collaboratively with Ebix Inc representatives to get Ebix Inc. and its affiliated debtors out of Chapter 11 through the sponsored Plan.

The proposal provides for the acquisition of 100% of the equity in Ebix Inc. by The Consortium, which includes assets and liabilities in the worldwide subsidiaries of Ebix (other than liabilities in the North American Company), except as otherwise agreed to by The Consortium in accordance with the Stalking Horse Plan Support Agreement.

Shares of Vikas Lifecare Limited was last trading in BSE at Rs. 4.97 as compared to the previous close of Rs. 4.98. The total number of shares traded during the day was 2624039 in over 3129 trades.

The stock hit an intraday high of Rs. 5.04 and intraday low of 4.94. The net turnover during the day was Rs. 13033874.00.

Source : Equity Bulls

Keywords

VikasLifecare INE161L01027 Acquisition Ebix