Media company Bennett, Coleman & Co Ltd (BCCL), which makes ad-for-equity investments in small and mid-size firms with a consumer facing business, has inked an agreement to invest up to Rs 20 crore ($3.2 million) in Lifezen Healthcare Pvt Ltd, an arm of Bal Pharma Ltd, according to a stock market disclosure. The investment will be made through subscription of Lifezen Healthcare’s fully convertible debentures.

Lifezen Healthcare manufactures, markets, distributes and sells pharma products, while its promoter Bal Pharma is into research, development, manufacture and marketing of generics, bulk and ayurvedic drugs in India.

Cash-rich BCCL, the holding firm for the Times Group, is a publisher of newspapers such as The Times of India and The Economic Times, besides several other print publications and TV channels, such as Times Now, Movies Now, and digital and electronic media properties.

BCCL invests in firms through its arm Brand Capital. It counts several portfolio companies in the healthcare domain such as Portea, Rainbow Hospitals, Lifespan Wellness, Radiant Life Care, HCG, Avesthagen, Thyrocare and drugmaker Bafna.

On Thursday, shares of Bal Pharma ended the day at Rs 63.45 a unit, up 2.83 per cent on the BSE in weak Mumbai market.