EbixCash, the Indian unit of US-based parent Ebix Inc, may see an ownership change after the parent company declared bankruptcy. The Chapter 11 proceedings in the US do not affect Ebix's India operations. Learn more about the impact of the bankruptcy filing on Ebix's Indian business.
EbixCash clarified that about 200 affiliates of Ebix working outside the US are not included in the US-only Chapter 11 filing and will continue to operate normally.
Ebix Inc, the parent entity for Indian payments and remittance company EbixCash, has filed for bankruptcy protection in a Texas court after defaulting on a $617-million loan.
Ebix runs a financial transactions and remittances company Ebixcash in India and it is not clear how the events will impact the operations in the country.
CEO Robin Raina is the largest shareholder in the company owning 13.9% stake; and as of 31 December, 2022, Ebix Inc. had outstanding borrowings of $639.3 mn