Muslim Commercial Bank's global depository receipt (GDR) offering was cut off at Rs 264 per share to cover the $50 million book on Tuesday at 2.9 percent discount over Karachi Stock Exchange share price.
According to informed sources the demand for the offering was $707 million comprising of high quality investor spread over the wide geographical area.
The book building process commenced after the conclusion of the road shows in Far East, Middle East, Europe and North America. The whole process for MCB was conducted by Merrill Lynch with their Pakistani affiliate being the domestic financial advisor.