Brightcom Group, whose shares have been suspended from regular trading for almost seven months, has now shared a detailed plan outlining how its shares will be re-listed in the stock market. However, it remains unclear exactly when the shares will be re-listed. This announcement comes after the company worked towards fulfilling all the necessary compliance requirements mandated by the exchange.
In a separate exchange filing, Brightcom Group confirmed that it has addressed the pending compliance obligations. The company has updated its holding pattern for all pending quarters and declared the financial results for these periods. Additionally, the annual report for the financial year 2023 has been released, and the Annual General Meeting (AGM)for FY 2023 took place in November. The company has also cleared all penalties that were imposed by the NSE and BSE due to delays in meeting compliance requirements.
What Happens Next?
Now that these updates have been provided, the exchange will begin reviewing all the submitted documents and filings to ensure that the company meets all compliance standards. In addition to this, the exchange is expected to conduct a site visit to verify the company’s operational and regulatory readiness. However, no specific timeline has been provided for when this site visit will take place. Once the verification process is completed successfully, the exchange will issue a circular announcing the date on which trading of Brightcom Group’s shares will resume.
The actual re-listing process will take place following a special exchange procedure. This procedure will include a pre-open session, as per the exchange’s rules. Below are the details of this session:
Re-listing Process:
- Pre-Open Session Timing: The pre-open session will be held from 9:00 AM to 10:00 AM and will be divided into three stages. During this period, only limit orders will be allowed. A limit order is an order to buy or sell a stock at a specified price or better.
- Order Entry (9:00 AM to 9:45 AM): During this phase, investors will be able to place, modify, or cancel their limit orders.
- Order Matching (9:45 AM to 9:55 AM): In this phase, the exchange will match the limit orders to determine the opening price. During this time, price discovery and confirmation of trading will take place.
- Market Discovery (9:55 AM to 10:00 AM): The opening price, which was determined during the previous step, will be used as the reference price for regular trading. Regular trading will then begin at 10:00 AM.
The price band for the re-listed shares will be set between 85% lower and 50% higher than the last traded price before the suspension.
At present, Brightcom Group’s shares are trading under the ‘Z’ group or Trade-for-Trade (TFT) category, where a 5% circuit limit is applicable on the first day of the trading week.
Disclaimer: This information is intended for informational purposes only and should not be construed as investment advice. It is recommended that investors consult with a financial advisor before making any investment decisions.
