Ifad Autos chairman to sell 2 crore shares
The shares equalling to 8% of the company’s total and 24% of his own holding will be sold in block market
Iftekhar Ahmed Tipu, chairman of Ifad Autos Limited, has announced his intention to sell 2 crore shares of the listed automobile company within 30 working days.
The shares equalling to 8% of the company's total and 24% of his own holding will be sold in the block market – pre-negotiated deal beyond regular trading screen.
Taskeen Ahmed, managing director of the company, told The Business Standard that the founder of the company will use the divested amount, estimated to be around Tk80 crore, to invest in some other ventures of Ifad Group alongside repaying some expensive bank loans.
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The group that began its journey in the late 1980s by importing double-decker buses and tyres, is now exclusively assembling Ashok Leyland commercial vehicles and selling TVS three-wheelers, Escorts farming and construction equipment.
It also entered a joint venture with Gulf Oil International UK to distribute and later manufacture Gulf branded lubricants in Bangladesh.
Beyond automotive, the group is also in businesses of food items, in both the domestic and export markets.
Ifad Group has plans to invest more - both in fast moving consumer goods and the automobile sector, said Taskeen Ahmed.
Ifad Autos Limited, the flagship company of the group, entered the stock market in 2015 and the sponsors and directors jointly own 62.77% of the company shares.
