ADIB sees Dh5.6b in proceeds from rights issue

Dubai: Abu Dhabi Islamic Bank (ADIB) said on Sunday it has seen Dh5.6 billion in proceeds from subscription to its rights issue.

The issuance will increase the bank’s capital to Dh3.63 billion from Dh3.168 billion, with another Dh538 million to be allocated to ADIB’s legal reserve.

ADIB opened subscription to new shares on September 25, issuing 464 million shares. Of those, 426.37 million shares were subscribed to, with 37.6 million in surplus, the bank said.