A consortium of institutions has agreed to buy substantial quantity of OGDC shares at the rate of Rs 117.50 per share, which might help improve the sentiment and inject the much-needed funds in the stock market. According to a notice issued to all members of Karachi Stock Exchange and market participants, a consortium of institutions is willing to buy substantial quantity of OGDC shares at the rate of Rs 117.50 per share, based on the principle that preference should be given to small investors holding shares up to 100,000.

The rest of the investors, holding shares beyond 100,000, would be considered on equal terms on pro rata basis.

On Wednesday, the exchange would notify to the members the quantities bought by the consortium. Thereafter, members would transfer the 'sold' shares to the Exchange in the Clearing House CDC participant account No 00984, latest by close of CDC timings on Thursday, March 31, 2005.

On completion of the delivery process to the consortium, the Exchange would pay the sale proceeds to the members, through cheques, on Friday, April 1.

The notice further said that Exchange would not levy any charges (laga) or any sort of commission on these transactions and in the larger interest of the capital market the members are also advised not to charge any commission on such trades.

Copyright Business Recorder, 2005