Soneri Bank Limited on Wednesday listed the second of its Term Finance Certificates (TFC) which helped the bank raise Rs 3 billion from private and public sectors. The TFCs listing, which took place at a gong ceremony at Karachi Stock Exchange (KSE), is envisaged to further bolster the bank's balance sheet and support growth. Of the total issuance amount, Rs 2.25 billion was raised through private placement and Rs 750 million through initial public offering on July 7-8.
The total demand received was Rs 3.81 billion against total issue size of Rs 3 billion, oversubscribed by Rs 810 million or 1.3x times. Arif Habib Limited was the lead advisor, arranger and underwriter for the transaction. Profit payment shall be made semi-annually at a floating rate of six month KIBOR plus 135 basis points per annum. In the first 90 months 0.30% of the principle would be redeemed and remaining principle of 99.70 percent at maturity at the end of the 96th month.
According to KSE, the trading in the TFC commenced on August 19. Transactions would take place in Soneri's TFCs through the Bonds Automatic Trading System and would be settled on a T+1 basis. The TFC has already been declared as eligible security by the Central Depository Company and all the transactions would be settled through the National Clearing Company of Pakistan Limited, which has assigned "SNBLTFC2" as the symbol.
Those attended the listing event included President and CEO Soneri Bank, Mohammad Aftab Manzoor, COO Amin A Feerasta, CFO Anjum Hai, Company Secretary Muhammad Altaf Butt, Managing Director KSE Nadeem Naqvi, Chairman Arif Habib Group Arif Habib, CEO Arif Habib Consultancy Nasim Beg, CEO Arif Habib Limited Shahid Habib and Managing Director Investment Banking Kashif Shah.