The managing director and three directors of eGeneration plan to offload a significant stake in the company, around three years post its listing on the stock exchange.

According to disclosures on the Dhaka Stock Exchange (DSE) website, they aim to sell 4.78 million shares, equivalent to 6.3% of the company’s shares, within the next month.

Considering the current stock price of Tk 36, the total value of the shares for sale amounts to approximately Tk 17.21 crore.

While securities regulations permit this move, a stock market analyst noted that the timing, right after the end of the lock-in period, signals a lack of interest in the company by its officials.

The lock-in period, which restricts directors from selling shares for three years post-listing, ended last month, as the company was listed in February 2021.

The ongoing bearish trend in the stock market may further dampen investor sentiment due to the directors’ decision to sell their shares.

Presently, directors collectively hold 37.77% of the company’s shares, exceeding the requirement of 30% set by securities regulations. Efforts to reach Shameem Ahsan for additional comments were unsuccessful.

eGeneration’s shares experienced a 1.89 % decline, closing at Tk 36.60 at the DSE.

The IT consulting firm, which raised Tk 150 million from the capital market in 2020, provided a 10% dividend annually to shareholders until June 30, 2023.