The balloting for the allotment of ordinary shares of Arif Habib Bank Limited was held here on Saturday. Karachi Stock Exchange (KSE) Managing Director Adnan Afridi inaugurated the computerised balloting process.
According to details, the public offer for the ordinary shares of Arif Habib Bank Limited was made from December 29, 2007 to January 2, 2008 at an offer price of Rs 21 per share (inclusive a premium of Rs 11 per share) by Arif Habib Securities Limited.
The amount offered was Rs 1.254 billion against which the offerers received subscription of Rs 7.057 billion, 5.6 times higher than the offered amount. The overwhelming public response triggered the full exercise of the Green Shoe Option of 60 million shares. Application for 500, 1,000 and 1,500 share were all allotted in full, while balloting was held in the category of 2,000 shares.
AHBL is a part of the progressive Arif Habib Group. It commenced operations as a fully scheduled bank on August 5, 2006 and has 12 branches across Pakistan at Karachi, Lahore, Islamabad, Faisalabad and Multan. A large number of bankers, investors, representatives from various brokerage houses and others attended the ceremony.
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