Multibagger stock: Eraaya Lifespaces hits 52-week high as FIIs buy over 32 lakh shares via QIP; stock up 6000% in a year

Multibagger stock: In just over a year, Eraaya Lifespaces share price rocketed by 6,000% and reached new record levels since September 2023. Eraaya Lifespaces share price today surged 5% to touch a 52-week high at ₹840.50, the stock hit an intraday low of ₹799 apiece on BSE. Eraaya Lifespaces share price has risen 10,454.0% since its listing on 30 July, 2020.

Vaibhav Kaushik, Research Analyst, GCL Broking, highlighted that Eraaya Lifespaces share price has given a fabulous return after listing. Valuation comfort is also not available at these prices. It has strong resistance near ₹870 until stock does not trade above ₹870 levels; there are chances it can go down up to ₹670.

QIP's closure

The stock has being in buzz today hitting 5% upper circuit after receiving application forms and funds from qualified investors, the board approved the qualified institutional placement (QIP's) closure on August 13. The equity share distribution to qualified institutional buyers was completed, and the issue price of ₹762 per share, plus a premium, was decided upon. The required placement paperwork was accepted, and these investors were given permission to be allocated 32,61,200 equity shares. There will be a separate release of a comprehensive list of recipients.

As per an exchange filing, the consortium led by Eraaya submitted a bid last week to purchase 100% of Ebix Inc.'s equity in June 2024. This bid was later accepted as the highest and best offer for the company, and it was eventually announced as the winner of the auction process conducted under the supervision of the US Bankruptcy Court, with an estimated enterprise value of USD 361 million (roughly ₹3,009 crores).

As per reports, the firm had net sales of ₹2 crore in Q4FY24, while net profit climbed to ₹0.95 crore in Q4FY24 from ₹0.05 crore in Q4FY23, a 1,887.5% rise. According to its annual results, net profit rose by 341.6% to ₹0.34 crore in FY24 over FY23, while net sales soared by 1,52,311% to ₹297.20 crore.

Eraaya Lifespaces is a leading lifestyle and hospitality organisation committed to creating unique experiences for people all over the world. Based on a love of perfection, the firm creates immersive settings that go beyond simple life by fusing luxury, comfort, and design. Offering distinctive getaways in well-known locations, their collection honors India's rich cultural legacy.

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