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Thu 23 Jul 2015 11:40 AM

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Abu Dhabi Islamic Bank to begin $137m rights offer on Aug 23

The lender will issue 168 million new shares in order to support its growth

Abu Dhabi Islamic Bank to begin $137m rights offer on Aug 23

Abu Dhabi Islamic Bank's (ADIB) 504 million dirham ($137.2 million) rights offer will begin on Aug. 23, after shareholders approved the capital-raising plan, it said on Thursday.

The lender will issue 168 million new shares in order to support its growth. The issue price is 3.0 dirhams.

Each existing shareholder will have the right to subscribe to 56 new shares for every 1,000 shares held at the end of trading on Aug. 13. Subscriptions will start on Aug. 23 and end on Sept. 10.

ADIB posted a 10.5 rise in its second-quarter net profit on Wednesday, beating analysts' estimates as fee income grew.

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