Dhaka, Bangladesh (BBN)- Barakatullah Electro Dynamics Limited (BEDL) has drawn its IPO lottery in a programme at Bangabandhu International Conference Centre in the capital Dhaka on Wednesday.
The lottery was conducted by Bureau of Research, Testing and Consultation (BRTC) of Bangladesh University of Engineering and Technology (BUET), said a company press statement.
Chairman of the company Faisal Ahmed Chowdhury inaugurated the lottery draw program.
Managing Director Gulam Rabbani Chowdhury said that the company has been subscribed to BDT 7.64 billion against BDT 1.20 billion which is oversubscribed by 6.37 times.
Out of the subscription BUET has selected 80,000 lot from General Public, 10,000 lot from Non-Resident Bangladeshis (NRB) investor and 10,000 lot from Mutual Fund by lottery for share allotment.
The BEDL is the first private sector power generating company of the country by a group of NRB investor. It has installed and commissioned a 51mw power plant at Fenchuganj, Sylhet in October 2009 and since then supplying uninterrupted electricity to Bangladesh Power Development Board (BPDB) under a Power Purchase Agreement.
BBN/SI/AD-06Apr11-8:56 pm (BST)