Ebix Subsidiary EbixCash Files Draft Red Herring Prospectus
Mar 10, 2022 By MarketDepth
Ebix, Inc., (NASDAQ: EBIX) endeavors to provide on-demand software and e-commerce services to the insurance, financial services, travel, healthcare and e-learning industries. In the Insurance sector, Ebix’s main focus is to develop and deploy a wide variety of insurance and reinsurance exchanges on an on-demand basis, while also, providing Software-as-a-Service (“SaaS”) enterprise solutions in the area of CRM, front-end & back-end systems, outsourced administration and risk compliance services, around the world.
Used for Reduction of Debt
Ebix, has reported that its Indian subsidiary EbixCash Limited has filed a Draft Red Herring Prospectus with the Securities and Exchange Board of India on March 9th, 2022 for an initial public offering. This entails up to INR 60,000 million or USD 787 Million. USD 350 Million of the IPO proceeds will be utilized towards the purchase of outstanding compulsorily convertible debentures from Ebix Asia Holdings Inc., Mauritius and in turn payment to Ebix. This may be used towards reduction of Ebix’s outstanding debt. USD 130 Million may be utilized for working capital requirements of EbixCash Limited and its subsidiaries.