For consideration of Rs 1200 crore
The Centrum Group announced that it has signed an agreement to divest its full stake in Centrum Direct (CDL), its Money Exchange Business to EBIX Inc, an Atlanta based leading international supplier of On- Demand software and E-commerce services. The sale value is approximately Rs. 1200 crores. The entire CDL team and assets will be transferred to EBIX Inc and will become a part of EbixCash, an end-to-end financial exchange.The agreement while approved by the Centrum Board, is subject to its shareholders and other regulatory/commercial approvals. The customary process for such approvals can take a timeline of 45 to 60 days.
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