Titas Gas to offload Tk215.30cr shares
State-run Titas Gas Transmission and Distribution Company Ltd has decided to offload its shares worth Tk 215.30 crore to the public through the stock exchanges.
The decision of offloading shares was taken at an extra-ordinary general meeting (EGM) of Titas in Dhaka on Wednesday. Titas Chairman AMM Nasir Uddin, Petrobangla Chairman Jalal Ahmed and Titas Managing Director Md Abdullah were present at the EGM.
At the EGM, Titas also decided to raise its paid up capital to Tk 862.01 crore before offloading shares and the offering amount will be 25 percent of the paid up capital. Presently, the paid up capital of the company is Tk 190 crore.
Titas will float a total of 21,550,335 shares to the public through Investment Corporation of Bangladesh (ICB).
The gas company has already increased its authorised capital to Tk 2000 crore from Tk 350 crore and reduced the face value of per share from Tk 500 to Tk 100.
The process of offloading shares will start after the company gets consent from the Advisory Committee on Economic Affairs.
The Titas Gas also decided to distribute over 431 lakh bonus shares worth over Tk 431 crore to its shareholders to increase its capital before going to public.
Meanwhile, stocks on the Dhaka Stock Exchange (DSE) bounced back yesterday following slump in the previous two days.
The DSE General Index rose by 45.48 points, or 1.59 percent, ending the day at 2901.99 points, while the DSE All Share Price Index increased by 42.97 points, or 1.77 percent finishing at 2470.79 points.
A total of 18,319,346 shares worth Tk 227.73 crore changed hands on the premier bourse. Of the issues traded, 154 advanced, 52 declined and 17 remained unchanged.
Like DSE, the Chittagong Stock Exchange (CSE) also closed higher with the gainers outnumbering the losers.
The CSE Selective Categories Index increased by 70.8 points, or 1.5 percent, to close at 4760.71 points, while the CSE All Share Price Index rose by 126.16 points, or 1.7, to finish at 7536.81 points.
A total of 3,919,796 shares worth Tk 35.16 crore changed hands on the port city bourse. Of the issues traded, 90 advanced and 30 dropped with eight unchanged.
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