Unique Meghnaghat Power is going to sell an 11.76 per cent stake to Doha-based power development and investment company Nebras Power Investment Management BV worth $24.06 million or Tk 206 crore.

Parent company the Unique Hotel and Resorts made the disclosure through the Dhaka Stock Exchange website yesterday. It said to have already signed a memorandum of understanding with Nebras.

A total of 14,641 shares would be sold having a face value of Tk 10, informed the company.

Nebras develops and manages portfolios of strategic investment in the power sector globally. Its total asset was 7.2 billion Qatari riyals in 2019, according to the company's website.

Following the DSE disclosure, stocks of Unique rose 2.8 per cent to Tk 36.50.

In 2019, Unique signed a deal with the Bangladesh Power Development Board (BPDB), Power Grid Company of Bangladesh, and Titas Gas Transmission and Distribution Company to set up the power plant. It has a 22-year power purchase agreement with the BPDB.

The company has also informed of developing a 584 MW gas/liquefied natural gas-based power plant with Strategic Finance and GE Capital Global Energy Investments BV.

The Meghnaghat plant is under construction on 18.75 acres of land at an estimated cost of $520 million. It is expected to start operations by July 2022, generating electricity that could power 700,000 homes.

This correspondent could not reach Unique for a comment despite repeated attempts.