MUMBAI: EbixCash is more likely to see possession change after its US-based dad or mum Ebix Inc declared chapter. Ebix Inc owns its Indian unit EbixCash by a holding firm in Singapore.
In the meantime, EbixCash stated that its India operations are unaffected by the Chapter 11 course of undertaken within the US by its dad or mum firm.
“The Chapter 11 proceedings apply to Ebix entities within the US solely and Ebix’s roughly 200 associates outdoors the US will not be included within the Chapter 11 submitting,” the corporate stated.The Chapter 11 course of mandates a separation between worldwide and US entities, the corporate added.
Ebix Inc had acquired a sizeable foreign exchange and pay as you go card enterprise within the nation following the acquisition of Centrum Direct from Chandir Gidwani-promoted Centrum and Itz Money from Ashok Goel’s Essel Group. By the way, Gidwani has proven curiosity in reacquiring the foreign exchange enterprise.
Ebix’s Indian operations have an authorised vendor II licence, aside from these for cash switch and pay as you go issuer from RBI.
The corporate was planning an IPO by which Ebix would repay Rs 335 crore owned by its dad or mum within the type of convertible bonds. Total, Ebix has pumped in near $800 million for its acquisitions in India, and the Indian operations owe round $617 million to the dad or mum.
Ebix Money India had plans to repay near $350 million by the proceeds of a proposed IPO estimated to be Rs 6,000 crore. Though the draft prospectus was filed final yr, the dad or mum’s chapter would imply that the IPO won’t happen within the current kind. RBI may also prohibit the repatriation of capital, given the dad or mum’s chapter.
In the meantime, EbixCash stated that its India operations are unaffected by the Chapter 11 course of undertaken within the US by its dad or mum firm.
“The Chapter 11 proceedings apply to Ebix entities within the US solely and Ebix’s roughly 200 associates outdoors the US will not be included within the Chapter 11 submitting,” the corporate stated.The Chapter 11 course of mandates a separation between worldwide and US entities, the corporate added.
Ebix Inc had acquired a sizeable foreign exchange and pay as you go card enterprise within the nation following the acquisition of Centrum Direct from Chandir Gidwani-promoted Centrum and Itz Money from Ashok Goel’s Essel Group. By the way, Gidwani has proven curiosity in reacquiring the foreign exchange enterprise.
Ebix’s Indian operations have an authorised vendor II licence, aside from these for cash switch and pay as you go issuer from RBI.
The corporate was planning an IPO by which Ebix would repay Rs 335 crore owned by its dad or mum within the type of convertible bonds. Total, Ebix has pumped in near $800 million for its acquisitions in India, and the Indian operations owe round $617 million to the dad or mum.
Ebix Money India had plans to repay near $350 million by the proceeds of a proposed IPO estimated to be Rs 6,000 crore. Though the draft prospectus was filed final yr, the dad or mum’s chapter would imply that the IPO won’t happen within the current kind. RBI may also prohibit the repatriation of capital, given the dad or mum’s chapter.
