Eraaya Lifespaces Reaches 5% Upper Circuit Limits, Declares 10:1 Stock Split To Enhance Liquidity

Eraaya Lifespaces Reaches 5% Upper Circuit Limits, Declares 10:1 Stock Split To Enhance Liquidity

Business oi-Vipul Das

Eraaya Lifespaces Limited made news as its stock price increased by 5 per cent to Rs 2,247.05 on Wednesday which was higher than Rs 2,140.05 the previous day and as such, the stock price reached a high intraday price of 2,247.05. The stock’s impressive performance also shows a 52-week high of Rs 3169 and a reason that is Rs 50.76 for the low making it possible to say that the return in a year stands at 4,400% with the 3-year return standing at 30,000 per cent which is the best in the industry is even better.

To facilitate this, Eraaya Lifespaces has opted to implement a proposed 10:1 stock split whereby each share currently held will now be exchanged for ten shares. This subdivision has the aim of enhancing the liquidity of shares for Eraaya as well as allowing those shares to be cheaper for smaller investors so as to attract a wider base of the company. To enhance this further, the board resolved to undertake such asset acquisition within two months after board approval. But again, the subdivision applies to all equity shares in the company. This is because there is a singular kind of share in the company.

In accordance with its growth strategies, Eraaya’s Board of Directors has, in recent weeks, decided to issue 4,19,275 fully paid-up shares of 10 each to holders of FCCB (Foreign Currency Convertible Bond) who opted for conversion of their bonds. This conversion was in respect of the FCCB Issued upto USD 4 million and was in respect of FCCB Offering Circular dated August 23, 2024 and has obtained BSE In-Principal Approval dated August 21. This issuance has taken Eraaya’s paid-up equity share capital to 18.9 crore rupees consisting of 1,89,08,453 shares of rupees 10 each.

Further, Eraaya’s sub subsidiary, EbixCash Global Service was also able to get new contracts worth Rs 250 million per annum in various sectors like healthcare, telecom, agriculture and e-commerce. These multi-year contracts with major clients like Tata Tele Business Services, Rozgar.com, Sahyadri Hospitals and a reputed automobile company illustrate that EbixCash offers complete business operations, process outsourcing and customer care services. With an existing client base that has an average tenure of more than seven years, EbixCash acquired Landline infrastructure of 6000 seats around 13 different centres.

Eraaya Lifespaces has also been successful in blending luxury with Indian culture and providing innovative and beautiful experiences. The company’s services are wide in scope from high-end events and active introduction of cultures to luxury accommodations, thus the customer-clientage base is vast. Eraaya also intends to grow its existing operations further and is looking at exploring new investment areas including acquisitions and mergers to increase several growth opportunities and stay relevant in an ever-changing market structure.

The mix of tactical financial movements, actions of its subsidiaries that are performed actively and presence in the market which is thought to be expanding all goes to help Aseel achieve growth over the years which in turn strengthens the presence of the company as a player in the sectors of luxury and lifestyle in the country India.

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Original news source Credit: www.goodreturns.in

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