ISLAMABAD: Securities and Exchange Commission of Pakistan (SECP) has notified draft regulatory framework for 'issuance of Convertible Debt Securities (CDS) by way of right offer' for public consultation, a statement said on Friday.
Regulatory framework provides mechanics through which listed companies can raise funds from existing members in the form of convertible debt.
Currently, convertible debt is being issued either by public offerings or by private placements. Under proposed framework, listed companies would be able to raise convertible debt from existing shareholders, the regulator said.
According to SECP, proposed product would enable companies to finance projects in timely and cost-effective manner through existing members and might reduce reliance on other financial institutions and investors.
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