Doha Bank says $426m rights issue 1.8 times oversubscribed

CEO Raghavan Seetharaman

CEO Raghavan Seetharaman

Doha Bank, Qatar’s fifth largest lender by market value, said its rights issue worth QAR1.55m (US$426m) was 1.8 times oversubscribed.

The offer, worth 25 percent of the bank’s existing share capital, was nearly twice oversubscribed during the offer period, the bank said in an emailed statement.

The issue is part of a two-part capital increase aimed at boosting share capital by 50 percent. The second part is an offer of global depositary receipts (GDRs) in London. GDRs will be priced at a minimum of 90 percent of the market share price on the date of issue.

JP Morgan will act as lead manager for the GDR issue, the bank's CEO Raghavan Seetharaman said in January.

Related:
Companies

Market Performance

Doha Bank
37.2
0.3 0.81 (%)
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

All comments are subject to approval before appearing

Further reading

Features & Analysis
Saudis cut wage, benefit bill in delicate pursuit of austerity

Saudis cut wage, benefit bill in delicate pursuit of austerity

Some Saudis appear prepared to accept austerity following the...

Who audits the auditors?

Who audits the auditors?

DIFC Courts is hearing a case against the Middle East branch...

Saudis tighten their belts for Eid in age of austerity

Saudis tighten their belts for Eid in age of austerity

Gov't cuts, which began late in 2015, are now rippling through...

Most Popular
Most Discussed
sponsoredTracking