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Sun 15 May 2016 05:12 PM

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National Bank of Kuwait says $473.2m capital hike starts Weds

Gulf state’s largest lender says subscription period will close on June 16

National Bank of Kuwait says $473.2m capital hike starts Weds

The subscription period for National Bank of Kuwait's proposed capital increase will commence on Wednesday, the Gulf state's largest commercial lender said in a bourse statement.

The rights issue will be worth around 137.6 million dinars ($473.2 million) according to Reuters calculations. The subscription period will close on June 16, the bourse statement from the lender said.

In March, the bank said the board of directors had agreed to raise the bank's capital by 6.5 percent through a rights issue involving issuing 343.96 million shares at 0.4 dinars per share. The step received approval from the country's Capital Markets Authority last month.

Shares in NBK closed flat on Sunday at 0.66 dinars.

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