Dubai’s Emirates NBD Bank plans rights issue to raise AED 6.45 bln

17/10/2019 Argaam

 

Emirates NBD, Dubai's largest bank, plans to raise up to AED 6.45 billion by way of a rights issue, it said in a statement on Thursday.

 

The bank, that published an invitation to its shareholders to subscribe for new shares, plans to issue 758.82 million new shares at an issue price of AED 8.50 per new share.

 

“Emirates NBD intends to use the net proceeds raised from the Rights Issue to strengthen its capital base and to support future growth of the business of Emirates NBD,” the statement added.

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