Bangladesh Power Development Board (BPDB), one of the corporate sponsors of the state-run Power Grid Company of Bangladesh (PGCB) Limited, has decided to sell 3.43 crore shares it held in Power Grid in the public market.
According to a disclosure on Dhaka Stock Exchange website, BPDB has expressed its intention to sell 3.43 crore shares out of its total holding of 60.32 crore shares of the company at prevailing market price in the public market through Stock Exchange.
The state-run organization's shares will be sold within the next 90 working days, the disclosure said. The company’s 84.64 per cent ownership belongs to BPDB.
The government has Tk 5,071 crore investments as share money deposits at Power Grid that would gradually be converted into shares.
Earlier on November 27, 2019, the Bangladesh Securities and Exchange Commission approved the issuance of 25.18 crore shares by Power Grid Company of Bangladesh against Tk 251.81 crore investment of Bangladesh Power Development Board.
The 25.18 crore shares are locked-in as a strategic investment and the shares could not be transferred or traded without prior approval of the commission.