Mercantile Bank, one of the corporate sponsor shareholders of IDLC Finance Limited, has decided to sell 79.18 lakh shares of IDLC through the block market at the Dhaka Stock Exchange (DSE).
At present, Mercantile Bank holds 2.17 crore or 5.50% of IDLC shares and has nominated a director named Mati Ul Hasan in the company's board.
After selling the shares, the bank's holding will come down to 3.49%.
On Sunday, IDLC's share price fell by 0.94% to Tk63.10 each and its closing price stood at Tk62.80 each at the end of the DSE trading session.
Considering this price, the sale declaration shares are worth Tk49.72 crore. The bank did not disclose the reason for selling the shares.
IDLC Finance paid a 15% cash and a 5% stock dividend to the shareholders for last year when they posted a consolidated profit of Tk254 crore and earnings per share of Tk6.74.
In the first quarter of this year, its consolidated earnings per share rose by 60% to Tk1.25.
City Bank is the major shareholder of IDLC Finance, where four directors are nominated by the bank.