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Mon 21 Sep 2015 08:25 PM

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UAE bank ADIB $137.3m rights issue nearly three times covered

The lender issued 168 million new shares in order to support its growth.

UAE bank ADIB $137.3m rights issue nearly three times covered
Abu Dhabi Islamic Bank branch at Al Wahda Mall, Abu Dhabi (Image: Mall website)

Abu Dhabi Islamic Bank (ADIB) said on Monday that its $137.3 million (504 million dirham) rights issue was nearly three times covered by subscriptions.

The lender issued 168 million new shares in order to support its growth. The issue price was 3 dirhams.

Following the close of the subscription period on Sept. 10, all the shares were fully subscribed, with total bids from investors worth 1.46 billion dirhams, ADIB said in a statement.

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