Brightcom Group signs LOI to acquire all the Assets of a US-based Digital Audio Firm

Brightcom Group Ltd has signed a Letter of Intent (LOI) to acquire a US-based digital audio company via an asset purchase transaction to tap the rapidly growing audio advertising market.

The name of the target company has been kept confidential in light of the confidentiality clause of the LOI. A definitive agreement will follow after completing the confirmatory business, legal and financial due diligence.

Shares of Brightcom Group Limited was last trading in BSE at Rs. 172.20 as compared to the previous close of Rs. 176.75. The total number of shares traded during the day was 180718 in over 2062 trades.

The stock hit an intraday high of Rs. 181.00 and intraday low of 170.00. The net turnover during the day was Rs. 31378037.00.

Source : Equity Bulls

Keywords

BrightcomGroup INE425B01027 AssetPurchase AudioAdvertisingMarket DigitalAudioCompany