Brightcom Group zooms 5% after board plans to consider bonus issue on Jan 25

17 Jan 2022 , 09:28 AM

Brightcom Group stocks rally in the market after the company announced that a board meeting to be held on January 25, 2022 to consider the proposal to declare bonus shares for the benefit of the shareholders.

“At Brightcom group, our singular focus has been on rewarding our small investors. These investors, now numbering over two lakhs, have been extremely patient, very loyal to the Brightcom vision, through thick and thin. We, at Brightcom Group, firmly believe that it is time to reward lakhs of our supporters by issuing bonus shares”, said the company in a regulatory filing.

Brightcom has an extremely comfortable reserve position of Rs3655cr on a capital of Rs208cr.

The Company further added, “This aspect gives us adequate room to capitalise reserves and distribute part of those reserves as a bonus share issue.

Furthermore, as the Brightcom share has multiplied several times in the past 12 months, it has now reached levels that may be beyond the reach of many small investors. Issuing bonus shares will make it more affordable for new, incoming members of our shareholder list.”

At around 9:31 AM on Monday, Brightcom Group was trading at Rs191.95 apiece up by Rs9.1 or 4.98% on Sensex.