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Bank of Punjab to raise Rs13 billion debt for Lucky Electric

  • Jan 26, 2022
  • 52 views
Source: 
Nation

After successfully raising Rs 7.9b debt financing for Lucky Electric Power Company Limited (LEPCL) in two tranches, the Bank of Punjab (BOP) has been awarded a third debt arrangement mandate by the company to raise an additional Rs 5b working capital. To mark these successful transactions and award of fresh mandate, a ceremony was held at the head office of Lucky Cement recently which was attended by Mohammad Ali Tabba (CEO - Lucky Cement Limited), Ghazanfar Jillani (Director, BOP) and Zafar Masud (President and CEO, BOP) along with other senior officials of the two institutions.

LEPCL is developing a 660MW coal-fired power plant at a project cost of USD 850m. The project shall operate on Thar coal after expansion of the coal mine and help bring down the cost of Thar coal through economies of scale. Being one of the most efficient coal-fired power projects in Pakistan, the project will also help to bring down the cost of electricity in Pakistan.

The award of third debt arrangement mandate over a period of just two months is a testament of Lucky Group's trust on the investment banking capabilities of The Bank of Punjab under its new leadership.

Mohammad Ali Tabba appreciated the role of BOP, which is fast emerging as one of the most active commercial banks in the market with a seasoned investment banking team, for arranging financing for LEPCL. Zafar Masud expressed his keen desire to further deepen BOP's relationship with Lucky Group which is cementing its place as one of the largest industrial conglomerates of the country.

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