Brightcom Group recommends bonus issue in the ratio of 2:3; Stock hits 5% upper circuit

27 Jan 2022 , 09:41 AM

Brightcom Group stock hits upper circuit on Thursday post strong Q3 results and also recommendation of bonus issue.

In a regulatory filing, the Board of Directors has considered, approved and recommended issue of (2:3) two Bonus Shares for every three equity shares held by the equity shareholders of the Company as on a Record Date to be fixed by the Board thereof for the purpose. The bonus issue of equity shares is subject to the approval of the shareholders through the Postal Ballot and any other applicable statutory and regulatory approvals, as may be required

Further, the Bonus shares once allotted shall rank pari-passu in all respects and carry the same rights of the existing Equity Shares and shall be entitled to participate in full in any dividend and other corporate action, recommended and declared, if any, after the issue and allotment of such Bonus Shares, said Company.

The Bonus equity shares will be issued out of free reserves, retained earnings and securities premium account, available as at September 30, 2021.

Pre-bonus issue paid-up share capital as on January 25, 2022 is Rs. 236,33,66,248/- divided into 118,16,83,124 equity shares of Rs 2/- each while Post-bonus issue paid-up share capital would be – Rs.405,64,77,080/- divided into 202,82,38,540 equity shares of Rs 2/- each.

The Bonus shares will be credited/ dispatched within 2 months from the date of Board approval i.e., by March 24, 2022.

On Thursday at around 9:40 AM, Brightcom Group was trading at Rs171.90 apiece up by Rs8.15 or 4.98% on Sensex.