9,850 per cent returns: Multibagger penny stock under Rs 100; Company Pursues Recovery of FCCB Funds, Addresses Vikas Lifecare Claim
The stock gave multibagger returns of 200 per cent in just 1 year and a whopping 9,850 per cent in 3 years.
Eraaya Lifespaces Limited wishes to informed regarding the invocation of arbitration by Vikas Lifecare Limited (VIKASLIFE) under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Eraaya led the consortium that successfully acquired Ebix, Inc. out of Chapter 11 proceedings, with VIKASLIFE contributing USD 34.827 million towards the bid. While the acquisition was completed successfully, a delay in the release of USD 40 million from Eraaya’s FCCB issue, due to circumstances beyond Eraaya's control for which Eraaya has initiated recovery action, has unfortunately impacted the agreed-upon repayment timeline to VIKASLIFE. Eraaya acknowledges the contribution made by VIKASLIFE and remains committed to fulfilling its obligations.
Despite this temporary setback, Eraaya has demonstrated good faith by consenting to the appointment of Hon’ble Mr Justice (Retd.) Vinod Goel as the Sole Arbitrator, facilitating a swift and transparent resolution process. This consent, however, is explicitly without prejudice to Eraaya's rights and contentions. Eraaya intends to vigorously defend its position before the arbitral tribunal, asserting its legal rights and demonstrating its commitment to a fair and equitable settlement. The company is confident that the arbitration process will clarify the circumstances surrounding the delayed FCCB proceeds and allow for a mutually agreeable resolution.
Eraaya remains focused on maximizing value for its shareholders and is actively pursuing the recovery of the outstanding FCCB funds. The company believes that the arbitration process will provide a platform to address the current situation and ensure a just outcome for all parties involved. Eraaya is committed to maintaining transparency throughout this process and will provide further updates as appropriate.
On Monday, shares of Eraaya Lifespaces Limited plunged 5 per cent to Rs 74.60 per share from its previous closing of Rs 78.50 per share. The stock’s 52-week high is Rs 316.90 per share and its 52-week low is Rs 24.55 per share.
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About the Company
Eraaya Lifespaces Limited, a leading lifestyle and hospitality company renowned for its luxurious and culturally rich experiences, is embarking on a strategic expansion. Building on its success in creating unforgettable journeys, Eraaya seeks to diversify its portfolio through mergers and acquisitions. This ambition was recently realized with the acquisition of Ebix Inc. USA and its global subsidiaries in June 2024. This significant acquisition, valued at USD 361 Million, marks a pivotal moment for Eraaya as it ventures into new business domains, driving innovation, and creating value for all stakeholders while navigating the dynamic and evolving market landscape.
Eraaya Lifespaces Limited has declared a 10:1 stock split. This means that each existing share with a face value of Rs 10 will be divided into ten new shares, each with a face value of Re 1. The ex-date for the stock split was Friday, December 06, 2024. The company has a market capitalisation of over Rs 1,400 crore and a 400 per cent 3-year stock price CAGR. The stock gave multibagger returns of 200 per cent in just 1 year and a whopping 9,850 per cent in 3 years. As of December 2024, the company's promoters own 35.17 per cent stake, FIIs own 22.63 per cent, DIIs own 1.84 per cent and the rest 40.41 per cent stake is owned by the public.
Disclaimer: The article is for informational purposes only and not investment advice.