Brightcom Group Ltd considers allotment of shares for acquisition

Brightcom Group Ltd board meeting is scheduled for Thursday 9 December 2021 to discuss the issuance and allotment of equity shares on a preferential basis for an imminent acquisition of an Indian company Ad-Tech. On July 07, 2021, the company announced the signing of a letter of intent regarding this acquisition. It is now close to the signing of the final agreements to finalize this acquisition.

The Company will release further details of the acquisition upon signing of the definitive agreements.

The company previously signed a letter of intent to acquire an India-based digital marketing services company with more than 1,100 employees and premium customers such as Netflix, Disney, Expedia, Bitly, Hulu and The New York Times. Details regarding the name of the target company have been kept confidential in light of the LOI’s confidentiality clause. A final agreement will follow after completion of confirmatory commercial, legal and financial due diligence.

Shares of Brightcom Group Limited were last trading in BSE at Rs. 125.75 from the previous close of Rs. 124.50. The total number of shares traded during the day was 890,063 in more than 5,228 transactions.

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

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