Brightcom, a Hyderabad-based digital marketing solutions company, cancelled a preferential allotment proposal made in July and has decided to go for a fresh issue and allotment of shares at a revised price.
The firm will issue and allot 14.01 crore equity shares to 29 entities and individuals at ₹37.77 each (with a face value of ₹2 each) for an allotment size of ₹529.34 crore.
The board of Brightcom, which met on Thursday, also proposed issuance of 1.50 crore warrants at ₹37.77 share each.
The company informed the BSE that the preferential issue announced in July 2021 had been cancelled.
“The said allotment could not be completed within the record date for bonus. To avoid any legal challenges arising from such a situation, the company has decided to cancel the proposed preferential issue announced in July,” it said.