Power Grid Company to Issue Shares Worth Tk8,918 Crore

Industry: Energy & Power, Power
Company: Power Grid Company of Bangladesh Ltd.
Company Intelligence Tag: Business Insights

Power Grid Company of Bangladesh, the state-owned power producer, plans to issue shares against its share money deposit of Tk8,918 crore. This deposit, accumulated over the years, is the highest among listed firms in Bangladesh. Of this amount, Tk8,043 crore was accumulated by June 2022, and an additional Tk875 crore came in from July to March 2022-2023 fiscal year.

The issuance of both ordinary and preference shares is contingent upon approval from the Bangladesh Securities and Exchange Commission (BSEC) and shareholders. The company intends to increase its authorized capital from Tk10,000 crore to Tk15,000 crore. It aims to issue 20.1 crore new ordinary shares at Tk20 per share, totaling Tk402 crore, while issuing 764.1 crore preference shares at a face value of Tk10 each, amounting to Tk7,641 crore. The issuance of preference shares allows for more flexibility in terms of dividends and profitability.

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