The managing director and three directors of eGeneration have announced that they intend to sell a major stake in a month, which is just around three years past the company being listed with the stock exchange.

The directors of the IT consultancy firm are going to sell 47.82 lakh, or 6.3 percent, shares among general shareholders within the next 30 days, according to several disclosures of the company posted on the Dhaka Stock Exchange (DSE) website yesterday.

Taking into consideration the fact that the price of the stock was around Tk 36 yesterday, the value of the shares being put up for sale stands at around Tk 17.21 crore.

The lock-in period is the three years past the listing of a company with a stock exchange, during which there is a bar on the sale of shares by the directors.

The company became listed with the stock exchange in February 2021, meaning the lock-in period ended last month.

At present, directors of the company hold 37.77 percent of its shares, according to the DSE.

The securities rules say the directors and sponsors of a company must jointly hold 30 percent of its shares.

The managing director, Shameem Ahsan, will sell 10 lakh shares out of 1.70 crore currently in his possession.

Meanwhile, the chairman, SM Ashraful Islam, intends to sell his entire stake of around 2.82 lakh shares while another director, Syeda Kamrun Nahar Ahmed, 10 lakh shares out of around 60.03 lakh in her possession.

The corporate director, eGeneration Source, is going to sell 25 lakh shares out of 42 lakh in its possession.

The sponsor shareholders will sell shares on personal grounds, according to the company secretary, Abdullah Al-Amin.

The Daily Star tried to contact Shameem Ahsan for further details. However, he neither received phone calls nor replied to messages.

Shares of eGeneration dropped 1.89 percent to reach Tk 36.60 at the DSE yesterday.

The IT consulting company, which raised Tk 15 crore from the capital market under the fixed price method, received approval from the Bangladesh Securities and Exchange Commission in 2020.

It had offloaded 1.5 crore ordinary shares with an offer price of Tk 10 each.

Since then, the company provided 10 percent dividend to general shareholders every year till that ending on June 30, 2023.