Doha Bank says $426m rights issue 1.8 times oversubscribed

  • Share via facebook
  • Tweet this
  • Bookmark and Share
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
51.5
-1.4 -2.65 (%)
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
Beating state debt addiction proves hard for UAE banks

Beating state debt addiction proves hard for UAE banks

Banks' exposure to the public sector as a percentage of capital...

MidEast boutiques seek to become fashionable M&A choice

MidEast boutiques seek to become fashionable M&A choice

Number of such firms in the Middle East is growing, centred on...

Saudi money market turmoil shows bank jitters over bond issues

Saudi money market turmoil shows bank jitters over bond issues

Money market moves show concern about Saudi banks' ability to...

Most Popular
Most Discussed