Multibagger Stock In Green After Board Allotted 14,00,000 Equity Shares On Conversion of Warrants To Promoters of Company
The stock gave multibagger returns of 400 per cent in just 1 year and a whopping 12,125 per cent in 5 years.
On Wednesday, shares of Eraaya Lifespaces Limited gained 3.9 per cent to Rs 94.70 per share from its previous closing of Rs 91.15 per share. The stock’s 52-week high is Rs 316.90 per share and its 52-week low is Rs 19 per share.
Eraaya Lifespaces Limited announced the allotment of 14,00,000 equity shares (Re 1 each) to promoter category allottees (Just Right Life Ltd, Vikas Garg, and Vikas Lifecare Limited) following the conversion of an equal number of warrants issued earlier on a preferential basis. The conversion price was Rs 81 per share (including a premium of Rs 80). This allotment increases the company's issued and paid-up capital to Rs 19,06,94,160 consisting of 19,06,94,160 equity shares of Re 1 each. The newly allotted shares rank equally with existing shares. Details regarding the allotment, including the number of shares allotted to each allottee and their resulting shareholding percentages, are provided in the company's regulatory filing.
Additionally, EbixCash, a subsidiary of Eraaya Lifespaces, has secured three significant contracts. The first is a multi-year agreement exceeding Rs 47 million annually with three Punjab National Bank-sponsored rural banks to provide network services and manpower solutions, enhancing bank operations and promoting financial inclusion in rural areas. The second is a five-year, Rs 335 million contract with KSRTC to implement an Automatic Fare Collection System (AFCS) on 10,000 devices for their 8,000-bus fleet. The third is a Rs 1,000 million contract to operate and manage ITI Limited's Data Center, marking EbixCash's expansion into the data center management market.
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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. In October 2024, FIIs bought 5,24,093 shares and increased their stake to 26.31 per cent compared to a 24.21 per cent stake in September 2024.
The company has a market capitalization of Rs 1,760 crore and a 500 per cent 3-year stock price CAGR. The stock gave multibagger returns of 400 per cent in just 1 year and a whopping 12,125 per cent in 5 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.