Sharma is vice chairman & joint managing director of First Global, an investment management firm.

The board also approved issuing 14,01,50,000 equity shares to 29 Sebi registered FPIs and other investors through a preferential allotment at Rs 37.77, aggregating to Rs 529.34 crore.

The list of investors includes Citrus Global Arbitrage Fund, Calypso Global Investment Fund, Navigator Emerging Market Fund, Connecor Investment Enterprises and LGOF Global Opportunities, etc.

The company said it will seek shareholders' approval through a postal ballot process for the proposed issue and allotment of equity shares and warrants on preferential basis.

In a past board meeting held on 13 July 2021, Brightcom's board had approved allotment of 11,96,25,000 equity shares on preferential basis to 15 non-promoter allottees. Subsequently the general body of the company approved the same at the EGM dated 5 August 2021.

The proposal was made before the execution of another corporate action for bonus issue, with 20 August 2021 being the record date, and the pricing of the said shares was set at Rs 31.17 per share considering the pre-bonus share capital.

However, 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 decided to cancel the proposed preferential Issue made on 13 July 2021 and go for a fresh allotment of equity shares at a revised price.

On a consolidated basis, net profit of Brightcom Group rose 4.11% to Rs 105.55 crore on 2.27% rise in net sales to Rs 654.05 crore in Q1 June 2021 over Q1 June 2020.

Brightcom Group consolidates ad-tech, new media and the “Internet of Things” (IoT) based businesses across the globe, primarily in the digital eco-system. The company enables businesses, agencies, and online publishers worldwide in meeting their digital marketing needs, serving 40 billion impressions every month.