Multibagger stock hits upper circuit ahead of record date for bonus shares

Market


Shares of Brightcom Group hit the upper circuit level by surging 5% to 101 apiece on the BSE in Monday’s early deals, ahead of its record date for bonus shares issue in the ratio of 2:3 this week on Wednesday, March 16, 2022. The company had announced the proposal regarding issuance of bonus shares which was considered by its board on January 25.

“The company has decided to set Wednesday, March 16, 2022, as the Record Date to ascertain the eligibility of shareholders entitled to the issuance of Bonus Shares. The proposed equity bonus will be issued in the ratio of 2:3 (two equity shares for every three equity shares held by the Members), as recommended by the Company’s Board of Directors in its meeting held on January 25, 2022, subject to members’ approval,” Brightcom had announced in an exchange filing.

The company has a reserve position of 3,655 crore on a capital of 208 crore. This aspect gives us adequate room to capitalise reserves and distribute part of those reserves as a bonus share issue, it had said.

“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,” the company had added.

Brightcom Group shares have given multibagger return of over 1,318% in a year’s period, from trading around 7 to currently hovering over 101 per share. The multibagger stock has rallied more than 184% in the last six months alone, however, is down 40% in 2022 (year-to-date or YTD) so far.

Brightcom Group is a digital marketing company as it consolidates Ad-tech, New Media and IoT based businesses across the globe. The company’s global presence includes the US, Israel, Latin America ME, Western Europe and Asia Pacific regions. 

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