Engro Corpo-ration Limited has announced that Engro Rupiya Certificates have achieved the target amount of Rs 2 billion. Ruhail Mohammed, Group CFO of Engro, said, "It is a matter of great pride for Engro Corporation to have received this subscription amount within a month.
The trust of the masses through their investments has strengthened our commitment to bring more innovative business and investment models for Pakistan after the success of Engro Rupiya." Engro Rupiya is the first Retail Term Finance Certificate (TFC) to be launched by Engro. The certificate was launched keeping in view Engro's expansion plans and businesses in various sectors such as fertilisers, power generation, foods etc. Engro Corp has applied a new approach in the form of 'Engro Rupiya' to raise money for the development of debt/capital market and to provide investors with a reliable and efficient avenue of investment within Pakistan.
The certificates offer profit payments (@14.5 pa) every 6 months per/annum for a minimum amount of Rs 25,000, invested for a period of 3 years. The product also offers investors the option to encash the certificates at any time, with the profit accumulated from the date of purchase to the date of encashment. Engro Rupiya has already reached its target amount of Rs 2 billion and is now exercising the green-shoe option for Rs 2 billion, with subscription open till January 14, 2011, or earlier, in case the green-shoe option amount is met.-PR