Padma Bank Securities Ltd, a subsidiary of Padma Bank, is to sell 50 lakh units of SEML FBLSL Growth Fund within the next 30 days.
The securities firm is also the sponsor of the closed-end mutual fund.
When the news was revealed on the Dhaka Stock Exchange (DSE) website, the fund lost 2.88% of the unit price to Tk10.10 each on Wednesday.
The fund was listed with the DSE in 2019. After the listing, Padma Securities sold 2.20 crore units, causing the fund's sponsors' units to come down to 24.68% from 35.64%.
The fund has a paid-up capital of Tk72.95 crore and Strategic Equity Management Limited is its asset manager.
The fund paid only 2.50% cash dividend to its unit holders for the fiscal year 2019-20, which was 5% cash in the previous financial year.
In the last fiscal year, it posted a net profit of Tk1.97 crore and earnings per unit of Tk0.27.
In the first quarter of the current fiscal year, the fund posted a net profit of Tk4.37 crore and earnings per unit of Tk0.60.
The fund invested Tk20.71 crore at the cost price in the capital market and Tk58.64 crore in fixed deposit receipts (FDRs) in several banks, according to the portfolio report released on 30 September last year.
However, as per the securities rules, a closed-end mutual fund has to invest at least 60% of its total asset.