In 2021-22, Brightcom Group made preferential allotment of equity shares to 79 allottees and raised ₹836.38 crore. SEBI said these allottees included four entities that subsequently became part of the promoter group. However, prior to the preferential allotment, the promoter group sold shares when the average price of the scrip was much higher than the effective allotment price.

As per the SEBI, the promoter group entities offloaded their shares in Brightcom Group throughout the investigation period and increased their shareholding after the investigation period at a much lower price, which directly benefited themselves from the said violations.

The market regulator alleged that the Brightcom Group concealed the correct shareholding pattern during the investigation period, when the promoters were off-loading shares, thereby keeping public shareholders in the dark about a reduction in their shareholding.

For the March 2023 quarter, Brightcom posted a net profit of ₹229.15 crore, up 2.73% against ₹223 crore in the comparable quarter last year. On a quarterly growth basis, profit fell 57.87% from the December 2022 quarter (Q3FY23). The revenue jumped 10.44% YoY and declined 52.22% QoQ to ₹1,368.50 crore in the Q4 FY23. For the financial year 2022-23, the company posted a net profit of ₹1,371 crore and a total income of ₹7,390.30 crore.

(DISCLAIMER: The views and opinions expressed by investment experts on fortuneindia.com are either their own or of their organisations, but not necessarily that of fortuneindia.com and its editorial team. Readers are advised to consult certified experts before taking investment decisions.)

SEBI orrder against Brightcom

After rallying over 100% in 19 sessions, this stock hit 5% lower circuit