Dhaka, Bangladesh (BBN)-Baraka Power Company Ltd (BPCL) has decided to increase paid-up capital of its subsidiary company – Baraka Patenga Power Ltd (BPPL) subject to regulatory approval, officials said.
“The Board of Directors of Baraka Power has resolved to approve the decision of the Board of Directors of Barak Patenga Power, being 51 percent subsidiary of Baraka Power, to increase its paid-up capital to BDT 1200 million from existing BDT 945 million,” said a statement
posted on Dhaka Stock Exchange website on Thursday.
Baraka Power will raise its subsidiary company’s paid-up capital through IPO by issuing 2,55,00,000 ordinary shares under fixed price method subject to consent of the regulatory authorities, said the statement.
The company has also informed that, after this capital raising, the shareholding of Baraka Power in Baraka Patenga Power will come down to around 40 percent.
Therefore, Baraka Patenga Power will be no longer a subsidiary company rather will be an associate company, the statement said.
Last trading day’s closing price of its share was BDT 36. And last 52-week price movement was BDT 28.5 to BDT 40.9.
The power sector company listed on Dhaka bourse in 2011 and belong to A category.
Of the total share – sponsor/directors held by 27.91 percent, institutions held 18.48 per cent while general public held 53.61 percent shares, according to DSE website information.
BBN/BB/AI
