KARACHI – The Karachi Electric Supply Company has offered
finance certificate worth Rs. 2 billion to the general public which made
KESC the second company to offer bonds after Engro Corporation.
Term Finance Certificates (TFC) is collective bonds issued by companies to bring forth short and medium-term funds. The officials said, “Investments received will be utilized for financing KESC’s permanent working capital requirements.” The bond issue was first expected in November 2010. The certificate is available in three maturities. Profit rate for the 13-month issue is 13.00% per year, 14.75% per year for the three-year issue and 15.50% per year for the five-year issue. The 13-month issue’s profit is collectable monthly while the other two issues will be collectable quarterly. Lower limit investment has been determined at Rs. 10,000 in order to grant for broad-based participation in the project. Engro Corporation raised Rs. 8 billion in two offers. They proposed just one period of three years for its bond with a profit rate of 14.5%. The minimum investment level was Rs25,000, more than double KESC’s offering. Subscription of KESC bonds to the public is available from May 25, 2012 until August 24, 2012.
Term Finance Certificates (TFC) is collective bonds issued by companies to bring forth short and medium-term funds. The officials said, “Investments received will be utilized for financing KESC’s permanent working capital requirements.” The bond issue was first expected in November 2010. The certificate is available in three maturities. Profit rate for the 13-month issue is 13.00% per year, 14.75% per year for the three-year issue and 15.50% per year for the five-year issue. The 13-month issue’s profit is collectable monthly while the other two issues will be collectable quarterly. Lower limit investment has been determined at Rs. 10,000 in order to grant for broad-based participation in the project. Engro Corporation raised Rs. 8 billion in two offers. They proposed just one period of three years for its bond with a profit rate of 14.5%. The minimum investment level was Rs25,000, more than double KESC’s offering. Subscription of KESC bonds to the public is available from May 25, 2012 until August 24, 2012.
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