Ahmed's lock-in period was extended by a year as his holding is equivalent to that of a sponsor's
The Bangladesh Securities and Exchange Commission (BSEC) has imposed a three-year lock-in on the 25.87 lakh shares belonging to Robi’s Managing Director and Chief Executive Officer Mahtab Uddin Ahmed.
Ahmed's shares were initially locked in for two years like the rest of Robi employees. Since his holding is upwards of 10 per cent of the operator's shares, which essentially makes him a sponsor, his lock-in duration was extended by another year.
As per public issue rules, sponsors and directors of a newly listed company cannot sell their stakes in the first three years from the first trading day.
The duration of the lock-in period will begin from the first day of Robi's trading in bourses.
Meanwhile, the subscription of Robi’s much-awaited initial public offering began yesterday and will stay open until November 23 for both resident and non-resident Bangladeshis.
The country’s second largest carrier will offload 52.4 crore shares, which is about 10 per cent of its stakes, for Tk 10 each under the fixed price method to raise Tk 523.8 crore from the market, in what would be the largest listing yet.