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Emirates NBD launches 6.45B dirham rights issue to fund strategic growth

Emirates NBD Bank PJSC launched a rights issue offer to its shareholders in a bid to raise up to 6.45 billion United Arab Emirates dirhams as it seeks funding for its foreign expansion.

The Dubai-based lender said in the second quarter that both its acquisition of DenizBank AŞ and its expansion into Saudi Arabia would be capital intensive, while also warning of subdued economic conditions in its home market in the UAE. The bank also increased its foreign ownership limit to 20% from 5% in September, with plans to boost it to 40%.

The net proceeds raised from the rights issue will be used to strengthen the bank's capital base and to support future growth, Emirates NBD said.

The issuance will see the bank create up to 758.8 million new shares, which will take its total issued share capital increase to an amount not exceeding 6.31 billion dirhams from the existing 5.56 billion dirhams.

The new shares will have an issue price of 8.50 dirhams per share, reflecting a nominal value of 1.00 dirham per share and a share premium of 7.50 dirhams per share.

Emirates NBD Capital PSC will act as the lead manager, book runner and an adviser on the issuance, while Citigroup Global Markets Limited and Morgan Stanley & Co. International PLC will advise the bank regarding the structuring, sizing and pricing of the rights issue.

The bank is scheduled to report its third-quarter earnings at the end of October.

As of Oct. 16, US$1 was equivalent to 3.67 United Arab Emirates dirhams.