The National Grid Company of Pakistan Limited (NGC) plans to raise up to Rs. 100 billion through Shariah-compliant Sukuk listed on the Pakistan Stock Exchange (PSX), with an initial issuance of up to Rs. 20 billion.
The proposed programme will have a tenor of up to 10 years and will be launched in phases through public offerings, subject to regulatory approvals and market conditions. The plan was discussed during the fourth meeting of the Capital Market Development Council (CMDC), chaired by Finance Minister Muhammad Aurangzeb at the Finance Division on Friday.
The meeting was informed that corporate debt issuances reached Rs. 291 billion between January and September 2026, compared with Rs. 326 billion during the whole of 2025. The council also reviewed measures to expand corporate debt financing, including simplified listing procedures, improved market liquidity and the promotion of green and thematic Sukuk.
Pakistan’s debt market has also recorded increased trading activity, with average daily traded value rising from Rs. 3.93 billion in FY2025-26 to more than Rs. 10 billion in FY2026-27 as of October 15. Thirteen banks have joined secondary-market trading arrangements.
The Securities and Exchange Commission of Pakistan (SECP) also briefed the council on consultations with 17 pension fund managers and 44 insurance companies to identify barriers to greater investment in corporate debt instruments. The finance minister called for further engagement with businesses and financial institutions to encourage long-term financing through the capital market.
