Brightcom Group shares climb 3% as co clarifies on promoter share freeze

Shares of Brightcom Group advanced 3 per cent in Monday's trade after the company clarified that its promoter shares  are not frozen, "contrary to malicious rumours on social media." Brightcom Group in a press release on Saturday said that contrary to malicious and ill-informed rumours in circulation, the NSDL accounts of the promoters are not frozen.

"This was in connection with the delay in the joining date of the new Company Secretary. The promoter NSDL accounts were frozen on November 25, 2022 as per Section 6 of SEBI LODR, 2015. However, the Company Secretary was already appointed on November 12 board meeting and the company informed the exchanges. Post which, the authorities instructed that the accounts be unfrozen on November 29," it said. 

Brightcom Group said it wished to inform all stakeholders that there is no freeze on promoter shares.

Following the development, the stock rose 2.77 per cent to hit a high of Rs 33.35 on BSE. Later, the stock trimmed gains and was trading at Rs 32.60, up 0.46 per cent.

Earlier on December 9, the company had said that the stock exchanges had put a hold on the settlement of some shares traded on December 5 and December 6 because of a complaint filed by a shareholder on a pledgee.

"We would like to inform that neither the company nor the promoters are involved in any of the above transactions. We will try to stay on top of the issue in the interest of our shareholders and keep the community informed as the developments occur," it had said.

Brightcom Group has reported a 51.16 per cent YoY rise in net profit at Rs 320.68 crore for the September quarter compared with 212.15 crore in the year-ago quarter. Revenue for the quarter was up 52.48 per cent YoY at Rs 1,683.07 crore compared with Rs 1,103.78 crore in the year-ago quarter.

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