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Emirates NBD shareholders approve cash call

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Emirates NBD shareholders approve cash call

Emirates NBD Bank PJSC shareholders approved the lender's planned capital increase of up to 7.35 billion United Arab Emirates dirhams through a rights issue, subject to regulatory approvals.

The Dubai bank will offer new shares with a nominal value of 1 dirham apiece for a subscription price per share with a discount of no less than 10% of the prevailing market price. The cash call is believed to be connected to Emirates NBD's planned acquisition of PAO Sberbank of Russia's Turkish unit DenizBank AS, Gulf News said March 27.

The shareholders also approved the amendment to the bank's memorandum and articles of association to increase the cap of foreign ownership to 20%, subject to regulatory approvals.

As of March 27, US$1 was equivalent to 3.67 United Arab Emirates dirhams.