Today, Brightcom issued a shocking release to the Stock Exchanges.
Apparently, five months back, on 16 Sept, 2021, SEBI had ordered a forensic audit on Brightcom.
SEBI here goofed up by not marking a Copy to the Stock Exchanges.
The Company did not inform of this audit to the Stock Exchanges.
Instead, in a letter dated the same day i.e. 16 Sept, 2021, it informed the exchanges of its fund raising plans.
Some allottees were folks who were well known due to their incessant media appearances.
The effect on the stock price was remarkable
As the share price went up, so did the retail participation
Promoter shareholding went from 36.76% to 19.74% (Pledge of 275 Crores)
Public shareholding went from 63.05% to 80.26%
End of Story.