The Bangladesh Power Development Board (BPDB), a corporate sponsor of Power Grid Company of Bangladesh, has completed its partial stake sale in the company amounting to 34,353,440 shares worth approximately Tk 161.8 crore.
Power Grid made the announcement recently on the website of the Chittagong Stock Exchange.
On December 21 last year, the BPDB expressed its intention to sell 34,353,440 shares out of its total holdings of 603,259,748 shares at the prevailing market price within 90 working days.
It took 58 trading sessions to offload the shares. The closing price of Power Grid stock went up as high as Tk 59.5 during the period.
BPDB sold approximately 93 per cent of the shares at the Dhaka bourse, according to the announcement made by Power Grid on the website of Dhaka Stock Exchange on Monday.
The share price of Power Grid advanced 2.2 per cent during the session to close at Tk 47.1 on Monday following the announcement on completion of the stake sale.
Power Grid posted earnings per share of Tk 2.51 during the July-December period of 2020.
Its shares traded between Tk 36.10 and Tk 55.20 in the past year.
As of February 28 this year, directors and sponsors owned 80.10 per cent of the company while 14 per cent was owned by institutes, 0.13 per cent by foreign investors, and 5.77 per cent by the general public.
Directors and sponsors owned 84.64 per cent a year ago.