Brightcom Group Ltd to consider shares allotment for acquisition

A meeting of the Board of Directors of Brightcom Group Ltd is scheduled to meet on Thursday, December 09, 2021 to discuss the issue & allotment of Equity Shares on a preferential basis towards an impending acquisition of an Indian Ad-Tech firm. On July 07, 2021, the company announced the signing of an LOI regarding this acquisition. It is now close to signing the definitive agreements to consummate that acquisition.

The Company shall release further details about the acquisition upon signing-off definitive agreements.

The company had earlier signed a Letter of Intent to acquire a Digital Marketing Services company based out of India with more than 1100 employees and premium clients such as Netflix, Disney, Expedia, Bitly, Hulu and The New York Times. The details regarding the name of the target company have been kept confidential in light of the confidentiality clause of the LOI. A definitive agreement will follow after the completion of the confirmatory business, legal and financial due diligence.

Shares of Brightcom Group Limited was last trading in BSE at Rs. 125.75 as compared to the previous close of Rs. 124.50. The total number of shares traded during the day was 890063 in over 5228 trades.

The stock hit an intraday high of Rs. 130.70 and intraday low of 118.30. The net turnover during the day was Rs. 108966081.00.

Source : Equity Bulls

Keywords

BrightcomGroupLimited INE425B01027 BCG PreferentialAllotment Acquisition AdTechFirm