The United Bank Limited (UBL) has successfully raised $565 million for the government of Pakistan, through the issue of 43,987,773 GDRs (Global Depository Receipts).
In a notice sent to the Karachi Stock Exchange (KSE) here on Monday, it was said that UBL would be the second Pakistani bank to have its DGR's listed on the London Stock Exchange for trading on the Professional Securities Market.
Referring to its previous statement regarding the divestment of government of Pakistan holding in UBL by way of offering ordinary shares of the bank in the form of GDRs, the UBL confirmed that offer for sale of part of its equity interest in UBL has successfully raised $565 million for the government of Pakistan through the issue of GDRs.
Merrill Lynch International, as Lead Manager of the offering, also has an option to purchase up to an additional 6,598,165 GDR's at the offer price. Each GDR represents four underlying equity shares and will by listed on the London Stock Exchange for trading on the Professional Securities Market. Each GDR was priced at $12.8543 equivalent to Rs 780 of underlying four equity shares Rs 195 per equity share.
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