KARACHI: K-Electric has completed procedure of selling Rs22 billion sukuk to fund future investments in the latest transaction in the country’s buoyant Islamic debt capital market.
According to the official statement, the company also launched Rs2 billion greenshoe option on the launching day of sukuk. It said that the sukuk will also be listed at the Karachi Stock Exchange in June 2015.
It is the second local currency sukuk from the K-Electric. In February, the utility raised Rs6 billion though a three-tranche sukuk, investment certificates which follow religious principles. The latest sukuk by the power utility has a tenor of seven years and is rated AA+ by the JCR-VIS Credit Rating Agency Limited.
