April 24 (Reuters) – Pakistani conglomerate Engro Corp EGCH.KA, a former unit of Exxon Mobil CorpXOM.N, plans to raise as much as 4 billion rupees ($40.9 million) through listed sukuk (Islamic bonds), Pakistan Credit Rating Agency Limited said.
The proposed sukuk would be secured and offered in two tenors: a three-year 3 billion rupee tranche with a 13 percent profit rate, and a five-year 1 billion rupee tranche with a 13.5 percent profit rate, the rating agency said.
The deal comes on the heels of a deal by Karachi-based utility K-Electric KELE.KA, which tapped the market in February to raise 6 billion rupees through a three-tranche retail sukuk.
Engro has issued sukuk before but on a much smaller scale; its fertiliser unit raised 2 million rupees through a six-month deal though a private placement in 2012. The company is involved in sectors including food, polymers, fertilisers and power generation.