MTD Walkers raise Rs. 3 b

MTD Walkers (KAPI) announced that its Rs.3 billion rated, senior, unsecured, redeemable, debenture issue was oversubscribed and the issue was closed yesterday.

The Company offered 25 million debentures at Rs. 100 each with an option to raise a further 5 million debentures in the event of an oversubscription.

There were two types of debentures - Type A three year debenture offering 9.75% payable semi annually with AER of 9.99% and Type B - 5 year debenture offering 10.25% payable semi-annually with an AER of 10.51%.

Funds raised are to be used for various real estate projects (Rs. 990 million) and marine engineering business (Rs. 1.34 billion) as well as retire dollar revolving credit facility (Rs. 670 million).