What Ebix Inc's Financial Struggles Mean For EbixCash And Its India IPO Ambitions

Benzinga2023-12-19

This story was first published on the Benzinga India portal. Under the helm of Robin Raina, Ebix Inc. (NASDAQ: EBIX) has declared bankruptcy in the U.S. amidst a towering debt exceeding $600 million. ...

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This development has thrown a shadow of uncertainty over the future of the company's Indian arm, EbixCash, a notable player in the fields offorex, gift cards, and paymentservices.The financial turbulence of the NASDAQ-listed parent company originates from its failure to clear loans. The corporation had banked on resolving this issue by amassing 6,000 crore  through an initial public offering  of EbixCash. Despite securing the necessary regulatory green lights, the IPO has not yet come to fruition.Three significant problems are indicated by thebankruptcy filing in a Texascourt: a surge in interest expenses, a shift in auditing firm which negatively influenced investor sentiment, and a scathing report from Hindenburg Research that resulted in a substantial depreciation of market value. 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This development has thrown a shadow of uncertainty over the future of the company's Indian arm, EbixCash, a notable player in the fields of forex, gift cards, and payment services.\nThe financial turbulence of the NASDAQ-listed parent company originates from its failure to clear loans. The corporation had banked on resolving this issue by amassing ₹6,000 crore (approximately $806 million) through an initial public offering (IPO) of EbixCash. Despite securing the necessary regulatory green lights, the IPO has not yet come to fruition.\nThree significant problems are indicated by the bankruptcy filing in a Texas court: a surge in interest expenses, a shift in auditing firm which negatively influenced investor sentiment, and a scathing report from Hindenburg Research that resulted in a substantial depreciation of market value. Collectively, these circumstances have crippled Ebix's ability to satisfy its creditors.\nIndia-born American CEO Raina, who owns a 13.9% share in the firm, is the largest shareholder. The next largest shareholders are BlackRock Inc. (NYSE: BLK), The Vanguard Group, and Steven D. Lebowitz.\nSee Also: India's Satellite Internet Battle: Elon Musk's Starlink Favored Over Reliance Jio In Draft Bill\nEbixCash is licensed by the Reserve Bank of India (RBI) to offer various financial services like prepaid instruments and forex. If Ebix India violates authorization conditions, the RBI may take corrective action. Moreover, there could be insolvency proceedings under India's Insolvency and Bankruptcy Code (IBC) if Ebix India defaults on payments.\nIt's crucial to note that in bankruptcy cases, RBI licenses become null and void, particularly when dealing with third-party funds. Even though EbixCash is not mentioned in the U.S.-specific Chapter 11 filing, risk emerges when the parent company, the ultimate beneficiary, declares bankruptcy.\nEbix Inc.'s aggressive growth tactics have resulted in substantial debts, amassing to $639.3 million at the close of 2022. The firm had a deadline of December 17 to resolve its debts, beyond which it would face the prospect of bankruptcy proceedings.\nAmid this financial turmoil, CEO Raina's remuneration, which includes a $1.8 million bonus, has sparked controversy, leading to queries about the company's financial management practices.\n\"ACTIVE INVESTORS' SECRET WEAPON\" Supercharge Your Stock Market Game with the #1 \"news & everything else\" trading tool: Benzinga Pro - Click here to start Your 14-Day Trial Now!\nThis article What Ebix Inc's Financial Struggles Mean For EbixCash And Its India IPO Ambitions originally appeared on Benzinga.com\n© 2023 Benzinga.com. Benzinga does not provide investment advice. 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