FIIs bought 44,50,964 shares & 10:1 Stock Split: Multibagger Small-Cap Stock Hit 5 Per Cent Upper Circuit On November 04
The stock gave multibagger returns of 4,200 per cent in just 1 year and a whopping 31,000 per cent in 3 years.
Stock Updates: On Monday, shares of Eraaya Lifespaces Limited hit a 5 per cent upper circuit to an intraday high of Rs 2,528.25 per share from its previous closing of Rs 2,407.90. The stock’s 52-week high is Rs 3,169 per share and its 52-week low is Rs 53.85 per share. The stock gave multibagger returns of 4,200 per cent in just 1 year and a whopping 31,000 per cent in 3 years.
Eraaya Lifespaces Limited proposes to subdivide/stock split in the ratio 10:1, meaning one existing equity share will be divided into ten new equity shares. The primary rationale behind this sub-division is to enhance the liquidity of the Company's shares, making them more affordable for small investors and broadening the investor base. The Company anticipates completing this sub-division process within two months from the date of board approval. This sub-division will apply to all equity shares of the Company, as there is only one class of equity shares.
Eraaya Lifespaces Limited’s Board has approved the allotment of 4,19,275 fully paid-up equity shares of Rs 10 each to certain FCCB holders who have exercised their option to convert their FCCBs of principal value of USD 40,00,000 into equity shares. This allotment is under the FCCB Offering Circular dated August 23, 2024, and the In-Principal Approval was obtained from BSE Limited on August 21, 2024. As a result of this conversion, the paid-up equity share capital of the Company has increased to Rs 18,90,84,530, divided into 1,89,08,453 fully paid-up equity shares of Rs 10 each.
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Earlier, EbixCash Global Services, a subsidiary of Eraaya Lifespaces, secured significant new contracts valued at Rs 250 million annually. These multi-year deals span various industries including healthcare, e-commerce, agriculture, and telecom, demonstrating EbixCash's diverse service offerings. The company will provide business operations, process management, and customer care services to clients like Tata Tele Business Services, Rozgar.com, Sahyadri Hospitals, and a major automobile organization. These contracts are expected to drive sustainable growth for Ebix and further strengthen its client base. With a current capacity of 6,000 seats across 13 centres, EbixCash boasts long-term client relationships averaging over seven years. To meet the demands of these new contracts, the company plans to expand its workforce to 11,000 by December 2025, showcasing its commitment to growth and job creation in India.
About Eraaya Lifespaces Limited: As a premier lifestyle and hospitality company, Eraaya Lifespaces is dedicated to crafting unforgettable moments that blend luxury with India's rich heritage. The company portfolio offers a diverse range of experiences, from exquisite events and innovative content to luxurious accommodations and immersive cultural encounters. Eraaya is seeking to thrive, expansion beyond its current scope as a strategic option embracing new business fields presents a promising avenue for growth, diversification and sustained relevance in an ever‐evolving market. Eraaya has set its sights on exploring new business fields, driven by a vision to expand its horizons and unlock fresh opportunities via mergers and acquisitions of a varied bunch of businesses.
The company has a market cap of over Rs 4,500 crore with a 3-year stock price CAGR of 565 per cent. In September 2024, FIIs took a fresh entry and bought 44,50,964 shares or 24.21 per cent stake in the company. Investors should keep an eye on this Small-Cap stock.
Disclaimer: The article is for informational purposes only and not investment advice.