National Bank of Kuwait, the country's biggest lender, said on Tuesday that its 10 percent rights issue will start on October 5.
The subscription period for the issue, which was approved by the bank's shareholders in March, will end on Oct. 21, NBK said in a statement on the Kuwaiti bourse.
The issue is at a price of 500 fils per share including premium, and will raise 32.7 million dinars ($114 million), according to Reuters calculations. There are 1,000 fils to the dinar.
NBK's shares were trading flat at 1.5 dinars at 0746 GMT.
The bank had said the capital increase is intended to support expansion plans. NBK has been expanding to offset rising competition at home. ($1=.2875 Kuwaiti Dinar) (Reuters)For all the latest Kuwait news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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