Engro Corporation Limited on Wednesday said that the second issue of Engro Rupiya Certificates (ERC) reached the target amount of Rs2 billion along with an additional Rs750 million by exercising Green Shoe option.
ERC provided the investors an opportunity to invest in one of largest conglomerates of Pakistan and earn fixed rate of 14.5% per annum return over three year investment period, said a press release.
This initiative is part of Engro’s long term strategy to develop Retail Corporate Debt market in Pakistan which did not exist before launch of ERC, unlike in most developed and developing economies.
Published in The Express Tribune, October 13th, 2011.
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Dear Someone,
If ERC is guaranteeing 14.5% per annum fixed rate only for three years, what will be the direction after this inverstment period? The rate won't be fixed or what ?