Dubai’s Biggest Bank Plans $1.76 Billion Rights Share Sale
- Emirates NBD to offer 758.8 million shares at 8.5 dirhams each
- 1-for-8 rights offering is available from Nov. 10 to Nov. 20
This article is for subscribers only.
Dubai’s biggest bank is seeking to raise 6.45 billion dirhams ($1.76 billion) from a rights share offering as it expands abroad and courts more foreigners to its stock.
The state-controlled Emirates NBD PJSC plans to offer 758.8 million shares at 8.5 dirhams each, it said in a statement. That compares with its closing price of 13.15 dirhams on Oct. 16 and represents a discount of about 35%. The issue opens Nov. 10 and will close Nov. 20.