Finance division has disbursed Tk216 crore to buy the rights share Investment Corporation of Bangladesh offered for its shareholders.
The division issued a circular yesterday regarding the disbursement, setting three conditions.
The conditions are that ICB has to deposit yearly dividend to the government exchequer, follow rules and regulations about utilisation of the government fund and the fund will not be used for other purposes.
According to the circular, the government instructed ICB to use Tk68.34 crore which it got as profit from the previous investment in ICB in 2011-12 and 2012-13.
ICB offered two against existing one rights share at an offer price of Tk500, including a premium of Tk400 for each Tk100 share, according to the circular.
Of the 284.76 crore, Tk68.34 crore will come from the previous profit while the remaining fund from recapitalisation head of the current 2014-15 fiscal budget.
The government has 27% stake in ICB.
The Finance Division has allocated Tk5,000 crore for recapitalisation of state-owned financial institutes.
In July 2014, Securities and Exchange Commission approved the rights share offer of the ICB.
