Emirates NBD unit plans $408m rights issue

The Islamic unit of Emirates NBD, Dubai's largest listed bank, intends to begin a AED1.5bn ($408m) rights issue this month.

Emirates Islamic Bank (EIB) will increase its capital to AED3.93bn through the offering of 1.5 billion shares at 1 dirham each between January 25 and February 3, it said in a filing to the Dubai bourse on Wednesday.

No details were given on how EIB intends to use the proceeds of the share issue, which was first announced last month.

EIB formally merged with Dubai Bank last year. Dubai Bank, which was rescued by the Dubai government in May 2011, was absorbed into Emirates NBD at the behest of the authorities in October 2011.

Related:
Companies

Market Performance

Emirates NBD
8.2
0.0 0.0 (%)
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
Saudi Arabia, other issuers gear up as Gulf bond crush looms

Saudi Arabia, other issuers gear up as Gulf bond crush looms

Cash-strapped region gears up for one of its heaviest-ever periods...

Saudi central bank fights to curb money rate rise

Saudi central bank fights to curb money rate rise

Commercial bankers say more radical steps may be needed to fight...

Are the troubles easing for Saudi construction giant Binladin?

Are the troubles easing for Saudi construction giant Binladin?

Gulf kingdom's biggest builder appears to have pulled back from...

Most Discussed
sponsoredTracking