Loads Limited to issue ICP worth Rs2.1bn in three equal tranches

MG News | May 20, 2022 at 10:15 AM GMT+05:00

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May 20, 2022 (MLN): The Board of Directors of Loads Limited have approved the issuance of redeemable capital in the form of rated, privately placed and unsecured Islamic Commercial Paper ("ICP") notes in scripless form inducted in the CDS, company’s filing on bourse showed today.

As per the notice, the ICP will be issued by way of private placement in the aggregate amount of up to Rs2.1 billion inclusive of a greenshoe option of Rs600 million.

Further, the ICP Issue will be issued in three equal tranches of Rs700 million each, inclusive of a greenshoe option of Rs200 million each.

The proceeds from all three tranches of ICP Issue will be utilized for the working capital requirements of the Company,” the notice said.

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