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The Pakistan Stock Exchange (PSX) announced on Monday that the government successfully raised Rs. 12.7 billion through an auction of Ijarah Sukuk bonds.

The auction, which featured a one-year fixed-rate discounted (FRD) Sukuk, attracted bids totaling Rs. 23.7 billion, exceeding the initial target set by the government.

The auction encompassed various types of Government of Pakistan Ijarah Sukuk (GIS), including fixed-rate discounted, variable rental rate (VRR), and fixed rental rate (FRR).

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For the one-year FRD Sukuk, a total of Rs. 15.3 billion was raised, comprising competitive bids of Rs. 15.12 billion and non-competitive bids of Rs. 184.88 million.

In addition to the FRD Sukuk, the government raised Rs. 9.68 billion through the sale of GIS VRR bonds. Of this amount, Rs. 9.65 billion was approved through competitive bids. The three-year GIS VRR contributed Rs. 6.6 million to the total, while the five-year GIS VRR raised Rs. 9.67 billion.

Furthermore, the government raised Rs. 425.42 million through the three-year FRR Sukuk. However, bids for the five-year FRR bond were rejected by the government.

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