Sonali Life share price up 441% in a day

Sonali Life Insurance Company's share prices have jumped by 440.63% – from Tk16 to Tk86.5 – in a single day on the Dhaka Stock Exchange.  

Its shares opened at Tk60 each on Monday and the last trading price was Tk86.5, which was Tk16 on the previous trading day.

A total of 71 lakh shares of the company worth Tk51.53 crore were traded on the Dhaka Stock Exchange on Monday.

On Saturday, it declared a 10% cash dividend for its shareholders for the period ending in 2020.

It also recommended a 2% interim cash dividend for this period.

There was no price limit on the trading of the company's shares on Monday because of its corporate declaration.

In the January-March quarter of 2021, the company's life revenue increased by Tk14.58 crore while its total life insurance fund was Tk168.28 crore.

In the same period of 2020, its life revenue rose by Tk10.04 crore and the total life insurance fund was Tk105.37 crore.

On 30 June 2021, the company debuted on the stock exchanges.

On 9 December 2020, the regulator gave the company approval to raise Tk19 crore from the stock market by issuing 1.9 crore shares through an initial public offering.

Sonali Life will invest the fund in government securities, fixed deposit receipts (FDRs), and the secondary market.

Its authorised capital is Tk100 crore. It was incorporated on 7 July 2013.

Sponsors and directors jointly hold 43% of their shares while institutional and general investors own 16% and 41% respectively.