Walmart-backed Indian e-commerce giant Flipkart has issued 123,328 Class-B equity shares to media firm Bennett Coleman & Company Ltd (BCCL) in lieu of Rs 2.6 billion which, the latter had infused into the company in January 2017. According to regulatory filings sourced from business intelligence platform Paper.vc, Flipkart said that it had received a warrant exercise letter from BCCL on August 18, and in accordance issued the equity to the company on August 20. Sources close to the deal told Business Standard that the agreement was a private treaty deal, which in the media space has come to be known as an ‘ad-for-equity’. BCCL and even other large media houses in India have executed several such deals with private companies. BCCL owns media platforms such as Times of India, Economic Times and Times Now, among others.
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