As the Power Grid Company of Bangladesh (PGCB) yesterday made its debut on the country's bourses, the state-owned company share closed at Tk 250 on both the DSE and CSE.

The power company sold 128,000 shares worth Tk 3.20 crore on Dhaka Stock Exchange (DSE) and 67,300 shares valued at Tk 1.70 crore on the Chittagong Stock Exchange (CSE). The transactions were done on the spot markets.

ICB Securities Trading Company Ltd, a subsidiary of Investment Corporation of Bangladesh (ICB), is the selling agent of the PGCB. Sources said the ICB has been instructed not sell PGCB shares below Tk 250 from today.

Trading of PGCB shares will

continue on the spot markets from 10:00 am to 12:00 noon today while there will be no trade tomorrow and normal trading will start from Thursday.

The PGCB is the second government entity, which got listed with the bourses under the direct listing regulations. Earlier, Dhaka Electric Supply Company (Desco) made its debut on the bourses on June 18 this year.

The PGCB will offload a total of 91,08,940 shares with a face value of Tk 100 each.

The PGCB will put 86,53,493 shares on sale for general pub-lic/institutions at market price while 4,55,447 shares will be sold to the directors and employees of PGCB at face value.

Ten percent of the offloaded shares will be released within the 30

working days from the first trading date.

Offloading of PGCB shares has been delayed as the High Court on June 18 issued a stay order on the operation of Direct Listing Regulations 2006 following a writ petition filed by an investor challenging the legality of newly introduced regulations.

The High Court on August 17 vacated the operation of the stay order removing the obstacle to offloading of PGCB shares on the bourses under direct listing.

Earlier, on May 14, the DSE, in principle, approved the applications of PGCB and Desco to be listed with the bourse under direct listing regulations.