Hyderabad-based IT company Intense Technologies has allotted 6,00,000 warrants convertible into equity shares at Rs 30 each to Bennett, Coleman & Co Ltd (BCCL), the publisher of dailies like Times of India and The Economic Times. This would amount to an investment of Rs 1.8 crore by BCCL. The warrants were allotted in accordance with SEBI Guidelines on preferential issues.
Intense Technologies is involved in developing software products like imaging, workflow, e-forms document management, output management and statutory compliance solutions.
BCCL's Times Private Treaties is known for its ad-for-equity business model and it has entered into such agreements with some of India's biggest firms like Pantaloon to smaller companies like Intense.
Recently, Times Private Treaties has started taking 40% cash and the balance in equity on new deals since cash flow is the primary concern now.
The shares of the Intense jumped by more than 4% to Rs 14.2 after the company informed BSE today. Intense reported revenues of Rs 17.42 crore in FY09 as compared to Rs 7.39 crore in FY08.