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Abu Dhabi Islamic Bank raises 1B dirhams through rights issue

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Abu Dhabi Islamic Bank raises 1B dirhams through rights issue

Abu Dhabi Islamic Bank PJSC raised 1 billion UAE dirhams through a rights issue.

The offering was more than 5x oversubscribed and will result in the issuance of 464 million new shares at 2.16 dirhams apiece. Acting CEO and Vice Chairman Khamis Buharoon said the rights offering and the bank's recent $750 million Additional Tier 1 sukuk placement will help the lender pursue growth opportunities.

The bank has 3.168 billion shares in issue, according to S&P Global Market Intelligence data.

As of Oct. 10, US$1 was equivalent to 3.67 UAE dirhams.