Staff Correspondent: The directors of the three listed companies will have to issue new shares in the stock market. The regulator has directed to ensure 10 percent free float shares within a year. So the three companies have to offer 10 percent shares in the capital market.

The three companies are Government Corporation Investment Corporation of Bangladesh Limited (ICB), Walton Hitech Industries Limited and Berger Paints Bangladesh Limited.

According to the commission, the free float share of Walton Hitech Industries, which is listed on the capital market in 2020, is only 97 percent. In order to fulfill the obligation of 10 percent, the company has to give up another 9.3 percent shares.

ICB's free float share in the market is 3.19 percent. Therefore, the company will have to give up 6.81 percent shares. Multinational company Berger Paints holds 5 percent of the free-float stake.

The Bangladesh Securities and Exchange Commission (BSEC) sent a letter to the companies on Sunday (September 12). Berger Paints will have to give up another 5 percent stake, according to regulatory guidelines.

Entrepreneurial managers of the companies will have to give up the shares. Companies will have a maximum of one year to issue shares. In this case, a maximum of 1 percent per month will go without shares. Shares will have to be released at the existing market price. This has to be reported to the commission in the form of report every month.

According to the BSEC, according to the Public Issue Rules, the company has to issue 10 per cent of the minimum paid-up capital from the capital market through an initial public offering (IPO). In order to maintain equality among all the companies, those who have less than 10 percent free float shares have been asked to give up their shares. This will increase the supply of shares of these companies in the market. Ordinary investors as well as foreign investors will then be able to buy shares of these good companies.

Meanwhile, as per the directives of the commission, 5 crore 46 lakh 7 thousand 36 shares of the company will have to be sold at the rate of 7.81 percent of the ICB. Walton Entrepreneurial Managers will have to issue 263,054,429 shares of Walton Hi-Tech Industries at the rate of 9.3 percent. And at the rate of 5 percent of Berger Paints, the entrepreneurial directors of the company have to issue 23 lakh 17 thousand 694 shares.

Sun News / MH