Bharatam Ventures Limited (Formerly Known as Pet Plastics Limited) (''''Company") have converted its pre-existing inter-company loan (including interest) into equity in Exuberant Systems ....
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Bharatam Ventures Limited (formerly Pet Plastics Limited) has converted its pre-existing inter-company loan (including interest) into equity in Exuberant Systems Private Limited, an IT company focused on financial services. The transaction involves Rs. 11.70 crore being converted into 11,70,600 equity shares at Rs. 100 per share (Rs. 10 face value + Rs. 90 premium). No fresh capital has been infused, and the deal was done at arm's length. Exuberant Systems reported turnover of Rs. 1.65 crore in FY25, down from Rs. 8.79 crore in FY24 and Rs. 9.08 crore in FY23. The indicative completion date was September 30, 2025.
This is essentially a balance sheet restructuring where an existing loan gets converted into equity ownership, with no new cash outflow. For shareholders, it signals the company's pivot from plastics to IT/financial services (consistent with the name change to Bharatam Ventures), but the target's declining turnover may raise questions about the strategic value.