VOL. XL

No. 42

20-October-1997

LEBANON

Audi GDR Issue Raises $81Mn

Bank Audi successfully raised $81mn through its second offering of Global DepositaryReceipts (GDRs) in an issue that was four times over-subscribed, according to bankers. Themain tranche of 2.7mn GDRs was priced at $27 each on 13 October and a further 300,000shares, raising $8.1mn, were issued shortly afterwards as part of a green-shoe optionexercised to stabilize the shares in the after-market. The GDRs, which will be listed on...