Kuwait Projects Company (KIPCO), which last year obtained the Capital Markets Authority's approval to issue bonds, is planning to issue Kuwaiti dinar-denominated sukuk for up to 150 million dinars ($487 million).

The issuance will be in two tranches, fixed and floating, with maturity profiles of six years. The profit rate will be determined according to market rates at issuance, KIPCO said, but didn't give a timeline.

The proceeds will be used for general corporate purposes, KIPCO said on Monday in a regulatory filing on the Kuwait Stock Exchange, where its stock trades.

Kamco Investment Company, KFH Capital Investment Company and Warba Bank K.S.C.P. will act as the joint lead managers and subscription agents for the issuance.

(Writing by Brinda Darasha; editing by Seban Scaria)