Dhaka, Dec 15 (bdnews24.com) — The government has decided to offload more than three million shares of the state-run Rupali Bank Limited in the secondary market.

A news posting on the Dhaka Stock Exchange website noted that 30,68,750 shares of the bank would be brought to the secondary market for trading.

Earlier on November 24, the government declared to float in the market 24.55 percent or 28,57,380 shares of the bank.

In November the government decided to offload more shares of state-run companies already listed with bourses in the wake of overheating of the capital market.

Investment Corporation of Bangladesh (ICB) would work as the issue manager for Rupali.

Currently, only a limited number of shares of 12 SOEs are traded on the stock market, while the government maintains a strict policy of holding over 51 percent of the shares to continue its 'management authority' on the entities.

But the recent hype in the capital market forced the government to change its position while the parliamentary watchdog on finance ministry recommended for offloading more shares of the SOEs to increase share supply in the capital market.

Source: bdnews24.com/15th Dec 2010