February 09, 2022 (MLN): The board of directors (BoD) of K-Electric Limited (PSX: KEL) has approved the issue of KE rated, secured and privately placed listed SUKUK of up to Rs12 billion, including a greenshoe option of up to Rs4bn, the company’s filing on PSX revealed today.
However, it is subject to completion of all statutory requirements and after obtaining all regulatory approvals and completing requisite corporate actions.
While considering the business update of the company and among other matters, the board gave the approval of the said issuance of SUKUK in its meeting held on 09 February 2022.
The proceeds of SUKUK will be primarily utilized to fund the permanent working capital requirements and ongoing routine Capex and Opex of the company.
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