Brightcom Group hits the roof after board OKs preferential allotment

Brightcom Group hit an higher circuit of 5% at Rs 41.45 after the corporate stated its board accredited allotment of 1.50 crore convertible warrants at Rs 37.77 every on a preferential foundation to Shankar Sharma.

The board of Brightcom Group on 16 September 2021 accredited issuing 1,50,00,000 warrants at Rs 37.77 every (face worth of Rs 2 every), convertible into equal variety of fairness shares, on a preferential foundation to Shankar Sharma.

Sharma is vice chairman & joint managing director of First International, an funding administration agency.

The board additionally accredited issuing 14,01,50,000 fairness shares to 29 Sebi registered FPIs and different traders by means of a preferential allotment at Rs 37.77, aggregating to Rs 529.34 crore.

The record of traders contains Citrus International Arbitrage Fund, Calypso International Funding Fund, Navigator Rising Market Fund, Connecor Funding Enterprises and LGOF International Alternatives, and so forth.

The corporate stated it can search shareholders’ approval by means of a postal poll course of for the proposed difficulty and allotment of fairness shares and warrants on preferential foundation.

In a previous board assembly held on 13 July 2021, Brightcom’s board had accredited allotment of 11,96,25,000 fairness shares on preferential foundation to fifteen non-promoter allottees. Subsequently the overall physique of the corporate accredited the identical on the EGM dated 5 August 2021.

The proposal was made earlier than the execution of one other company motion for bonus difficulty, with 20 August 2021 being the file date, and the pricing of the stated shares was set at Rs 31.17 per share contemplating the pre-bonus share capital.

Nonetheless, the stated allotment couldn’t be accomplished throughout the file date for bonus. To keep away from any authorized challenges arising from such a scenario, the corporate determined to cancel the proposed preferential Situation made on 13 July 2021 and go for a recent allotment of fairness shares at a revised value.

On a consolidated foundation, internet revenue of Brightcom Group rose 4.11% to Rs 105.55 crore on 2.27% rise in internet gross sales to Rs 654.05 crore in Q1 June 2021 over Q1 June 2020.

Brightcom Group consolidates ad-tech, new media and the Web of Issues (IoT) primarily based companies throughout the globe, primarily within the digital eco-system. The corporate permits companies, businesses, and on-line publishers worldwide in assembly their digital advertising and marketing wants, serving 40 billion impressions each month.

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