The Bangladesh Securities and Exchange Commission (BSEC) has shortened the lock-in period for Intraco Refueling Station’s convertible shares from three to two years. The company gained BSEC approval to issue a Tk50 crore convertible bond, with the altered lock-in conditions applicable to shares converted from the bond collected through private placement, sponsors, and directors. General investors’ stakes converted from the bond will be lock-in-free.
Intraco plans to use the funds to establish LPG auto gas stations, mother-daughter CNG stations, and CNG filling stations, and allocate 40% for working capital. As of November 30, 2023, sponsors and directors collectively held 30.06%, institutions 14.63%, foreign entities 0.04%, and the general public 55.27% of the company’s shares. The share price closed at Tk41.10 on the Dhaka Stock Exchange on Sunday.
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