Eraaya Lifespaces announced that the Company has initiated legal action(s) against Elara Capital PLC in High Court of Justice, Kings' Bench Division, England and Wales for release of remaining FCCBs proceeds amounting USD 40 Million.

Background: Eraaya Lifespaces after obtaining in principle approval from its members in the Extra-Ordinary General Meeting held on 29 July  2024, issued an Offering Circular dated 23 August 2024. Pursuant thereto, Foreign Currency Convertible Bonds due 2031 (FCCBs) totaling to USD 120 Million were issued.

However, proceeds of the FCCBs issued by the Company, in the amount of USD 40 Million has not been received by the Company. The Company has initiated legal action(s) in regard to the same against Elara Capital PLC, which was appointed by the Company to advise and assist the Company for the entire process of raising funds by issuing FCCBs, but is wrongfully preventing the release of the aforementioned proceeds to the Company, thereby acting against the interest of the Company.