Brightcom Group shares continued their northward movement and were stuck in the upper 5% circuit band for the 10th day in a row at Rs 44.35 on BSE on Tuesday, in an otherwise weak market.
As of 12:10 p.m., a combined 631,455 shares had changed hands and there were pending buy orders for 4.77 million shares on the NSE and BSE, according to exchange data. In comparison, the S&P BSE Sensex was 1% or 529 points down to 52,024.
The information technology (IT) software product company’s stock hit a new high in intraday trading today. In the last 26 sessions (since June 16) it has risen 248% from a level of Rs 12.74 per share. In comparison, the S&P BSE Sensex rose 1% over the same period.
Brightcom Group provides comprehensive online and digital marketing services to direct marketers, brand advertisers and marketing agencies. The company is divided into three main divisions: media (Ad-Tech and digital marketing), software services and technologies of the future. Its main clients are end advertisers, agencies and publishers, but also stock exchanges and advertising networks.
Clarifying the price movement, Brightxom Group informed the exchanges that the increase in script volumes reflects that the movement “is purely due to market conditions and is secondary market related to material developments that have been released recently.” READ HERE
There have been multiple developments that have taken place in the Brightcom group during the year 2021. Material developments include the repayment of all bank loans and becoming a debt-free company, the announcement of a bonus issue in a ratio of 1: 4, ie one free share for every four shares held by the shareholders of the company on a registration date set by the board of directors.
In addition, the company intends to acquire a leading digital marketing services company with a workforce of over 1,100 people. On July 8, Brightcom Group announced that it had signed a Letter of Intent (LOI) to acquire an India-based digital marketing services company with 1,100 employees and premium customers such as Netflix, Disney, Bitly, Hulu and The New York. Times.
On July 13, 2021, the Brightcom Group board of directors approved the issuance and allotment of 119.62 million shares to foreign portfolio investors (REITs) and other investors via a preferential grant at 31 , Rs 17 per share for an award size of Rs 372.87 crore. Post-finance dilution is 12.5%, of which the REIT contribution recorded by SEBI is 10.5%, the company said in a statement. communicated.
Citrus Global Arbitrage Fund, Calypso Global Investment Fund, Navigator Emerging Market Fund, Connecor Investment Enterprises Ltd and LGOF Global Opportunities Ltd are among these 20 million shares each on a preferential basis.