Azam J Chowdhury, chairman of East Coast Group, is increasing his stake in Green Delta Insurance by purchasing shares from a sponsor of the same company.

He will acquire 5.93 lakh shares from M Muhibur Rahman, a sponsor of Green Delta Insurance, in the block market at the prevailing market price within the next 30 days, according to a disclosure posted by the company on the Dhaka Stock Exchange (DSE) website today.

At the current share price of Tk 45, the value of the shares to be purchased by Chowdhury is approximately Tk 2.67 crore.

According to the DSE disclosure, M Muhibur Rahman has expressed his intention to sell his entire holding of 5.93 lakh shares of Green Delta, one of the largest insurance companies in Bangladesh.