Abu Dhabi Islamic Bank (ADIB) has set out key dates for its AED1 billion ($272 million) rights issue when 464 million new shares will be available to its shareholders.
Under the plan for the rights issue, each shareholder will have the right to subscribe to 29 new shares for every 198 shares held from 2pm on September 10, and subscription will start on September 25 and will run through to October 9, the bank said in a statement.
Each right grants its holder the eligibility to subscribe to one new share at an issue price of AED2.16 per share, reflecting the nominal value of AED1 per share, and a share premium of AED1.16 per share, it said.
This represents a 45 percent discount to the market share price as of July 25, the bank, listed on Abu Dhabi Securities Exchange, added.
The rights issue will increase ADIB’s issued and subscribed to share capital to AED3.63 billion.
Khamis Buharoon, ADIB vice chairman and acting CEO, said: “Increasing our shareholders’ equity is a key part of our planned capital raise program which will enable ADIB to further grow while providing a leading banking experience to customers from a well-capitalized position."