ISLAMABAD, Oct 17: The third subscription for the sale of the public offer for National Bank of Pakistan shares, which opened on October 13, received overwhelming response by the time it concluded on October 15.

According to an official handout issued here on Friday, the applications in excess of Rs1.21 billion were received within the stipulated period.

The total amount, which came with the applications, was double than the required amount of Rs604 million for the offered 13.1 million shares.

Subsequent to the subscription process, all applicants will be initially allotted 500 shares each, irrespective of the size of their applications. The remaining shares, if any, will be allocated to the larger applicants on pro rata basis.

The offer price was fixed with the approval of the Cabinet Committee on Privatization at Rs46 per share. Elixir Securities and Taseer Hadi Khalid & Co (co-lead managers) are processing the transaction.

The government offered 3.2 per cent (13.13 million) additional shares of National Bank of Pakistan to the general public through the third offer for sale of the bank‘s shares.