Brightcom Group Ltd updates on inorganic deal and settlement with Daum Corporation

The Board of Directors of Brightcom Group Ltd met today, and discussed about the inorganic transaction for expansion of audio business and settlement with Daum Corporation.

The Board was updated on the progress made on the inorganic deal to grow the Audio Advertising business. After due deliberations and discussions, the Board was satisfied with the progress and thus granted Mr Satish Cheeti and Mr Brad Cohen authorization to take the deal to its logical conclusion, by framing final terms and conditions of the transaction, and executing agreements for the same.

The board was updated on the process followed and the final settlement terms with Daum Corporation to complete the outstanding Lycos deal, and thus remove all legal encumbrances. Board has also authorized Mr Peshwa Acharya and Mr Narayana Raju to consummate the final transaction closure.

Shares of Brightcom Group Limited was last trading in BSE at Rs. 39.05 as compared to the previous close of Rs. 39.75. The total number of shares traded during the day was 2850960 in over 8703 trades.

The stock hit an intraday high of Rs. 40.45 and intraday low of 34.10. The net turnover during the day was Rs. 109048110.00.

Source : Equity Bulls

Keywords

BrightcomGroup INE425B01027 BCG InorganicDeal Settlement DaumCorporation