United Bank Limited (UBL) has decided to raise funds amounting to Rs. 10 billion through the issuance of debt instruments at the PSX.
UBL had submitted the draft prospectus for the issuance of TFCs to the general public and retail investors.
The bank has applied for listing of its fully paid up, rated, listed, perpetual, unsecured, subordinated, non-cumulative and contingent convertible Term Finance Certificates (TFC’s) on the exchange.
The notification read that the total issue size consists of Rs. 10 billion inclusive of a green-shoe option of Rs. 3 billion, out of which TFCs of Rs 9 billion (90 % of issue size) including the green-shoe option of Rs. 3 billion have been issued to the Pre-IPO investors and Rs. 1 billion (10 percent of the issue size) are being offered to the general public by way of Initial Public Offer (IPO) through this prospectus.
The PSX placed the draft prospectus of TFC’s on the exchange’s official website under the caption of (PUBLIC COMMENTS ON DRAFT PROSPECTUS OF TIER-1 ISSUE OF TFC’s OF UNITED BANK) for seeking public comments as required under Public Offering Regulations, 2017 and Regulation of Listing of Companies and Securities Regulations of PSX.
The draft prospectus shall later be placed before the listing and Voluntary Delisting Committee of the exchange for its review.