Brightcom Group shares were locked at 5 percent upper circuit on July 8 after the company said it had signed a Letter of Intent to acquire a digital marketing services company.
The share touched a 52-week high of Rs 30.15.
" .... signed a Letter of Intent (LoI) to acquire a digital marketing services company based out of India with 1100 employees and premium clients such as Netflix, Disney, Bitly, Hulu and The New York Times," the company said in the release.
The details regarding the name of the target company have been kept confidential in light of the confidentiality clause of the LoI.
A definitive agreement will follow after the completion of the customary business, legal and financial due diligence.
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There were pending buy orders of 3,738,777 shares, with no sellers available.
The target company partners with clients for their product strategy, product development and operational support needs
They operate out of India, the US and Europe. Their presence in the US and Europe helps them to be in touch with the latest developments in the advertising space in mature markets, the BSE filing said.
At 10:32 hrs Brightcom Group was quoting at Rs 30.15, up Rs 1.40, or 4.87 percent on the BSE.