KARACHI, May 8: Lucky Cement, the country’s biggest cement maker, said on Thursday it raised $109.3 million through the issue of global depositary receipts (GDRs) to be listed on the London Stock Exchange.

The cement maker said it sold 15 million GDRs at $7.28, or Rs480, each. Each GDR is equivalent to four shares of Lucky.

“An overwhelming response was received from the international investors and the issue was oversubscribed more than 2.5 times,” the company said in a statement to the Karachi Stock Exchange.

Lucky had said in July last year it would use the funds raised through the global listing for expansion.—Reuters