IGI Investment Bank Limited (IGIBL) hosted a ceremony in capacity of Mandated Lead Advisor and Arranger to conclude the Commercial Paper issue of Rs 500 million (the Transaction) by Pak Elektron Limited (PEL). Pak Iran Joint Investment Company Limited and Mandviwalla and Zafar respectively acted as Joint Arranger and Legal Counsel to the Transaction, says a press release.
The ceremony was attended by the officials of PEL and Investment Participants (IPs) and the investor notes were presented to the IPs, the release said. Head of Corporate Finance IGIBL, Syed Mohammed Ali Raza, addressing the ceremony said that the successful close of the issue was a key achievement for both PEL and IGIBL as the issue was the most competitive debt raised by PEL so far. IGIBL shall also be conducting more commercial paper issues for several other blue chip clients in the near term, he added.
IGI Investment Bank is licensed by the Securities and Exchange Commission of Pakistan to carry out Commercial Financing and Lending and Leasing Services under the NBFC Rules. Pakistan Credit Rating Agency has awarded IGI Investment Bank a long-term credit rating of 'A' and a short-term credit rating of 'A1', the release said.
Established in 1990, IGI Investment Bank is part of the Packages Group of Companies serving individual consumers, small businesses and large corporations and institutions with a broad range of investment banking products and services such as Mutual Funds Distribution; Corporate Finance; Commercial Financing and Leasing; Cash and Treasury Management.-PR