Ad-for-equity media investor Bennett Coleman & Co Ltd (BCCL) has subscribed to warrants that may convert into an equity holding of a little less than 1 per cent in the public listed e-recycling and ITeS firm Cerebra Integrated Technologies Ltd.
According to a company filing to the Bombay Stock Exchange, the firm is acquiring 2.8 lakh warrants convertible to shares of Rs 10 each at a premium of Rs 36.5 of Cerebra, translating into a deal worth Rs 1.08 crore.
Cerebra scrip declined 3.85 per cent to close at Rs 32.45 a share on Tuesday.
Cerebra started its business with the hardware sector almost decades ago and expanded its services in IT solutions, comprising LPO, BPO and KPO services. The company has its manufacturing facility in Peenya and ITeS division in Yeshwanthpur, Bangalore.
Last June, Cerebra had acquired 51 per cent in IT products distribution firm Geeta Monitors Pvt Ltd for an undisclosed sum in an all-cash deal.
This is the second deal of the year for BCCL, which invests through various investment entities (besides its specialised business unit Brand Capital, formerly Private Treaties) in barter deals to pick minority equity stakes in exchange for ad space across its various print and digital media vehicles.
Earlier this year, BCCL had acquired the shares of India Infoline Finance Ltd (formerly India Infoline Investment Services Pvt Ltd.), a holding company of the loans and financing activities under India Infoline Ltd.
According to VCCEdge, the financial research platform of VCCircle, in 2011, Brand Capital picked stakes in around a dozen firms, including Mystic Cures Ltd, Karuturi Global, Nitesh Estates, Eco Recycling Ltd, Sezal Glass and REI Six Ten Retail, among others, and also in Noida-based Investors Clinic Infratech Pvt Ltd, a real estate marketing and brokerage firm operating under the brand of Investors Clinic.
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